Penticton’s most expensive property got a little pricier and is now worth over $8 million.
The BC Assessments update for 2022 listed the property at 345 Lower Bench Road as the sole Penticton property among the top 100 for the Thompson Okanagan.
The property’s current value is $8,381,000, up by nearly $400,000 from the $7,955,000 it was valued at in 2021.
Since 2020, the property’s assessment has more than doubled. In 2020, the property was valued at $4,018,000, and that year it sold for $6.5 million according to BC Assessments.
The property covers 9.64 acres and includes a two-storey house built in 1995.
The most expensive house in the Thompson-Okanagan is valued at $14,645,000, on Hobson Road in Kelowna.
More than 289,000 properties across the entire Okanagan will be receiving their assessment in the mail, reflective of market value as of July 1, 2022.
“Homeowners throughout the Okanagan can generally expect to receive assessments that are up about 10 per cent to 15 per cent for houses while condos and townhomes are up a bit higher,” said Okanagan Deputy Assessor Tracy Wall. “Assessments are valued as of July 1, meaning everyone’s annual assessment is a reflection of what your home could have sold for around that time.”
In Penticton, as well as Osoyoos and Summerland, the average single family home went up 14 per cent in assessed values since last year. In Penticton, it rose from an average of $637,000 to $727,000, in Osoyoos it rose from $601,000 to $685,000 and in Summerland from $694,000 to $790,000.
BC Assessment collects and analyzes property data throughout the year and in the past year, they discovered that the total assessments in the Thompson-Okanagan has risen from $203.7 billion to $234.3 billion. About $3.8 billion of that is from new construction, subdivisions, and rezoning.
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