Average residential values up by nine per cent in Cranbrook

Property assessments are in the mail with updated information on residential property values

Property notices are in the mail, with average residential values in Cranbrook rising by nine per cent, according to the latest data from BC. Assessment.

That means the average residential value has increased from $283,000 to $307,000 based on data collected between July 2018 and July 2019, according to a press release.

Strata residential properties remain unchanged, with an average assessed value of $162,000.

“The majority of Kootenay Columbia home owners can expect an increase when compared to last year’s assessments,” says Deputy Assessor Ramaish Shah. “The changes in home values are moderating in many cases as compared to the past several years. Some communities, however, are seeing higher demand than in previous years and that is reflected in this year’s assessments.”

Up in Kimberley, average values have increased by seven per cent, going from $284,000 to $303,000, while Fernie is up nine per cent, going from $509,000 to $553,000.

The region’s total assessments increased form $43.6 billion to $46.7 billion, of which roughly $571 million came from updated assessments on new construction, subdivisions and rezoning properties.

The Village of Salmo had the highest increase, rising 20 per cent, going from $188,000 to $225,000. The Village of Warfield followed behind at 16 per cent, rising from $221,000 to $256,000.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Shah. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”

Property owners concerned about their assessment can file a Notice of Complaint by Jan. 31 for an independent review by a Property Assessment Review Panel.

The most expensive assessed residential properties near Cranbrook is an 240-acre property out in the Wasa-Sheep Creek area, valued at just over $3 million.

A property on Windermere Lake holds the highest assessed value in Kootenay-Columbia at $5.6 million.



trevor.crawley@cranbrooktownsman.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

‘An extra $220 every 90 days’: B.C. patients pay more dispensing fees due to prescription limits

Kelowna woman says it’s outrageous to charge for refills every 30 days

RDEK calls on province for clarity, stronger measures for inter-community travel

The Regional District of East Kootenay has passed a resolution urging the… Continue reading

Vehicle parades celebrate birthdays, recognize workers on COVID-19 front lines

Melissa Young started the parades in Cranbrook as a way to mark her son’s 12th birthday

City of Cranbrook seeks public cooperation with provincial COVID-19 mandates

City Bylaw will be monitoring, educating public around orders set by the province

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

Canadian cadets to mark 103rd anniversary of Vimy Ridge April 9 virtually

Idea of Captain Billie Sheridan in Williams Lake, B.C. who wondered what to do in times of COVID-19

B.C. VIEWS: Pandemic shows need for adequate care home staffing

Seniors in B.C. care homes face challenging times

QUIZ: How much do you know about hockey?

Take this test and find out how well you know Canada’s most popular winter sport

Researchers look at humidity as a weapon in the fight against airborne viruses

Regular hand washing, physical distancing and PPE for health care workers remains best line of defense

Two inmates found positive for COVID-19 at federal prison in B.C.; other tests pending

15 staff self-isolating waiting results, refusal to work notice sent, says correctional officer

Most Read