Elk Valley property assessments on the way

The Elk Valley will see a mix of updated property assessments for 2022, with the area home to the Kootenay-Columbia’s smallest increase in Sparwood, where the average value of single-family homes went up by nine percent to $324,000, according to BC Assessment.

Overall, the values of residential properties across the province increased by 22 percent to $2.44 trillion for 2022, according to BC Assessment data released on Tuesday (Jan. 4). In the Kootenay Columbia region, total assessments for residential properties increased to $60.7 billion.

Some 150,000 property owners throughout the Kootenay Columbia region can expect their 2022 assessment notices in coming days, which reflect market value as of July 1, 2021.

”Homeowners in the Kootenay Columbia region can expect noticeable increases in their 2022 assessments compared to last year,” said Kootenay Columbia Deputy Assessor Sharlynn Hill.

“The demand for properties has been very high this past year, and that is reflected in the prices being paid for all property types. The year over year change in the typical values has been relatively consistent throughout​t all the region’s communities and generally on par with the 15 to 35 percent upward changes happening for most of British Columbia’s properties.”

While Sparwood saw the lowest regional increase (nine percent), Fernie saw a 17 percent jump to $706,000 (from $604,000), and Elkford saw a 14 percent jump to $290,000 (from $255,000).

Fernie has been overtaken as the most highly priced market in the region, pipped by Revelstoke, which frog-jumped to first place for 2022 with a 32 percent increase to $719,000.

There were some huge jumps across the region - the Village of Canal Flats started from a low base, and had values increase by 33 percent to $277,000. Canal Flats remains the lowest priced market in the region, however.

Cranbrook had a 21 percent increase to $397,000, while Kimberley had a 19 percent increase to $404,000.

READ MORE: B.C. home values increase by 22% for 2022, biggest changes in single-family houses