Assessment notices began being mailed out Tuesday and they 
indicate that land of all kind in the North Okanagan is worth more than it was a year ago. “It means the provincial economy is strong and people want recreational property and have the money to pay for it,” said Jim Inverarity, an assessor with B.C. Assessment.
“If you look at new home construction, there’s a record amount and there appears to be no end in sight.” In Vernon, the assessment for an average East Hill single-family residence went from $311,000 in July 2005 to $381,000 in July 2006. A similar home on Tassie Drive in Coldstream climbed from $282,700 to $354,000, while Coldstream waterfront has increased by
47 per cent. A typical single-family home in Enderby saw its assessment go from $187,000 to $234,000 in the past year, while it went from $250,000 to $327,000 in Armstrong/Spallumcheen.
In Lumby, the assessment for an average home jumped from $199,300 in summer 2005 to $252,600 in 2006. There was also a major hike in Lake Country, with a single-family residence going from $246,000 to $305,000. Assessments are the estimate of a property’s market value as of July 1, 2006. Assessments can vary from property to property and among the criteria considered is current sales in an area, the size and age of a home and its
condition and location. Because anyone selling property will generally seek more than the assessment, the latest upswing in assessments trouble affordable housing advocates. “It totally exacerbates the situation. It’s frightening,” said Coun. Juliette Cunningham, who sits on Vernon’s affordable housing committee. And Cunningham says the negative impact from high housing prices is broad-based. “People’s perception with affordable housing is it’s people on the lower end of the income scale. But there’s people making $70,000 a year who have no hope of buying a home in Vernon,” she said. “It makes it difficult for businesses to attract employees to town.” Cunningham said the committee will meet with developers soon to encourage them to construct affordable housing units. While many people believe property assessments allow municipalities to increase taxes, Vernon’s mayor denies that. “No matter the assessment, the dollars we need to run the city stay the same,” said Wayne Lippert of the budget process. “Just because the assessment goes up doesn’t mean taxes go up.” Overall, Vernon’s assessment roll increased $4.34 billion in 2005 to $5.75 billion in 2006.
indicate that land of all kind in the North Okanagan is worth more than it was a year ago. “It means the provincial economy is strong and people want recreational property and have the money to pay for it,” said Jim Inverarity, an assessor with B.C. Assessment.“If you look at new home construction, there’s a record amount and there appears to be no end in sight.” In Vernon, the assessment for an average East Hill single-family residence went from $311,000 in July 2005 to $381,000 in July 2006. A similar home on Tassie Drive in Coldstream climbed from $282,700 to $354,000, while Coldstream waterfront has increased by
47 per cent. A typical single-family home in Enderby saw its assessment go from $187,000 to $234,000 in the past year, while it went from $250,000 to $327,000 in Armstrong/Spallumcheen.In Lumby, the assessment for an average home jumped from $199,300 in summer 2005 to $252,600 in 2006. There was also a major hike in Lake Country, with a single-family residence going from $246,000 to $305,000. Assessments are the estimate of a property’s market value as of July 1, 2006. Assessments can vary from property to property and among the criteria considered is current sales in an area, the size and age of a home and its
condition and location. Because anyone selling property will generally seek more than the assessment, the latest upswing in assessments trouble affordable housing advocates. “It totally exacerbates the situation. It’s frightening,” said Coun. Juliette Cunningham, who sits on Vernon’s affordable housing committee. And Cunningham says the negative impact from high housing prices is broad-based. “People’s perception with affordable housing is it’s people on the lower end of the income scale. But there’s people making $70,000 a year who have no hope of buying a home in Vernon,” she said. “It makes it difficult for businesses to attract employees to town.” Cunningham said the committee will meet with developers soon to encourage them to construct affordable housing units. While many people believe property assessments allow municipalities to increase taxes, Vernon’s mayor denies that. “No matter the assessment, the dollars we need to run the city stay the same,” said Wayne Lippert of the budget process. “Just because the assessment goes up doesn’t mean taxes go up.” Overall, Vernon’s assessment roll increased $4.34 billion in 2005 to $5.75 billion in 2006. 
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