Revelstoke home values saw significant increases for a second straight year, with the average value of a single-family home topping $350,000, according to the 2017 assessment role released Tuesday morning by BC Assessment.
Ramaish Shah, the deputy assessor for BC Assessment in the region, said the increase was due to rising home sale prices in the community.
“A change of 0-10 per cent is still considered a stable market from an assessment perspective,” he said.
The average value of a single-family home in Revelstoke is up by 8.3 per cent to $352,000 in 2017, from $325,000 in 2016. Only Fernie, Nelson and Invermere have higher home values in the Kootenay-Columbia region, while only Nelson, Nakusp, Slocan and Kaslo experienced higher rates of growth last year.
The total value of Revelstoke’s residential properties, which includes apartment buildings and multi-family homes, is up by 6.22 per cent, while business and industrial property values went up by 3.62 per cent in 2016.
Revelstoke’s growth also outpaced communities in the Shuswap and North Okanagan.
The most expensive home in the Revelstoke area is a $2,228,000 on Catherwood Road. One other home, a property at Revelstoke Mountain Resort valued at just over $2 million, made the list of top 100 most valuable properties in the Kootenay-Columbia region.
This is the second year in a row of significant home assessment increases in Revelstoke; last year home values went up by almost 10 per cent. The average value of a single family home was $296,000 only two years ago.
The total value of all properties in B.C. increased by 25 per cent to $1.68 trillion, led by increases of 20-40 per cent for single family homes in the Lower Mainland, Fraser Valley and Sea-to-Sky Corridor.
Properties were assessed as of July 1, 2016. Home owners have up until Jan. 31, 2017, to appeal their assessments with BC Assessment. Visit evaluebc.bcassessment.ca to look up information on your property.
“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2016, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Shah.