Property assessments are arriving in the mail this week and as Vernon and Coldstream residents eagerly open the 
envelopes, most will see an assessment increase.The average home assessment in Vernon jumped in value from $311,000 to $381,000 – a 22.5 per cent increase from last year. Coldstream residents on average saw their properties rise 25.2 per cent from $282,700 last year to $354,000 this year.But the increases should come as little surprise to homeowners. Okanagan Region assessor Jim Inverarity said properties in the Valley have been frequently jumping more than 20 per cent.“We’ve had very similar percentage increases in the last three years,” Inverarity said. “I just think it’s evidence of our strong provincial economy.”For the first time in recent years, however, commercial property values rose significantly. In Vernon, Inverarity said property assessments for businesses rose 24 per cent while light industry assessments jumped 26 per cent.“People are starting to invest in B.C.’s commercial sector and it’s starting to show some strength,” he said. “It’s one thing we haven’t seen in previous years.”Lakefront properties once again led the pack for property assessment increases as values rose 35 to 50 per cent along Okanagan lakes, Inverarity said.“When you look around the last three years, increases in lakefront land have been easily double what we’ve seen un upland residential values,” he said.
envelopes, most will see an assessment increase.The average home assessment in Vernon jumped in value from $311,000 to $381,000 – a 22.5 per cent increase from last year. Coldstream residents on average saw their properties rise 25.2 per cent from $282,700 last year to $354,000 this year.But the increases should come as little surprise to homeowners. Okanagan Region assessor Jim Inverarity said properties in the Valley have been frequently jumping more than 20 per cent.“We’ve had very similar percentage increases in the last three years,” Inverarity said. “I just think it’s evidence of our strong provincial economy.”For the first time in recent years, however, commercial property values rose significantly. In Vernon, Inverarity said property assessments for businesses rose 24 per cent while light industry assessments jumped 26 per cent.“People are starting to invest in B.C.’s commercial sector and it’s starting to show some strength,” he said. “It’s one thing we haven’t seen in previous years.”Lakefront properties once again led the pack for property assessment increases as values rose 35 to 50 per cent along Okanagan lakes, Inverarity said.“When you look around the last three years, increases in lakefront land have been easily double what we’ve seen un upland residential values,” he said.
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