The latest housing assessment figures in British Columbia show residential property values have decreased in several Kamloops-area communities.

In the City of Kamloops, 2024 assessed property values for single family homes and townhouses – which reflected the market on July 1, 2023 – were both down two per cent from the 2023 figures, which reflected the market on July 1, 2022.

The typical assessed value for a single family home in Kamloops is $678,000, down from $689,000, while condos and townhomes dropped to $398,000 from $405,000.

The assessed value of single-family homes in Clearwater was down 10 per cent to $400,000 (from $445,000), while in Barriere, Merritt, and Ashcroft it was down eight per cent.

The average single-family property in Barriere is assessed at $395,000 (down from $427,000), while in Merritt its $438,000 (down from $475,000). In Ashcroft, the average single-family property was assessed at $389,000 (down from $422,000).

Assessed property values for single family homes in Cache Creek was down one per cent from $324,000 to $321,000, in Logan Lake it was down two per cent from $445,000 to $437,000, while in Chase it was down three per cent from $507,000 to $492,000.

While assessed property values for single family homes in Sun Peaks was down 12 per cent from $1,651,000 to $1,457,000, BC Assessment notes there was a one per cent increase in assessed values for condos and townhouses (from $758,000 to $764,000) in the resort community.

“Most homeowners throughout the Southern Interior can expect modest changes and even some decreases in their assessment values depending on the community,” BC Assessment’s Southern Interior Deputy Assessor Boris Warkentin said.

“With the softer real estate market, most changes in home values will be somewhere between -10% to +5% in the Thompson-Okanagan communities whereas Kootenay Columbia changes are slightly more at -10% to +10%. Lytton is the exception with larger increases as market activity recovers in the community.”

In Lytton, which was destroyed by a wildfire in 2021, the average single-family property was valued at $204,000, a 26 per cent increase from $162,000.

Assessment notices are in the mail, with most property owners expected to get theirs in the next few days.

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2023, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” added Warkentin.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel.”

For more on 2024 assessment notices in the Southern Interior, go here.

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca.