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.


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

Coldest Night of the Year returns to Cranbrook in February

Canadian Mental Health Association Kootenays plans to raise $20K

New autonomous technology program debuting at College of the Rockies

The College of the Rockies is launching a new two-year Autonomous Systems… Continue reading

City to co-host climate info session in February

City, environmental organizations invite public for discussions on climate change and action

What to do in January? Lots going on in Kimberley/Cranbrook

Pictured above: Kootenay Lately (pictured at SummerSounds last year) kick off the… Continue reading

Fire Hall organizes fundraiser for Cranbrook Community Forest Society

Paul Rodgers The Cranbrook Community Forest Society (CCFS) has found itself with… Continue reading

VIDEO: Nickelback gears up for nostalgia tour

Canadian band joins Stone Temple Pilots for a summer tour that includes just one stop in Canada

Boy, 13, arrested after alleged assault involving girl at B.C. middle school

Boy alleged to have used ‘inappropriate levels of force’ to injure the girl

B.C. player becomes only second Canadian to enter Hall of Fame of Baseball

Walker received 76.6 percent of the Baseball Writers of America Association vote

PHOTOS: Heavy snowfall breaks window, causing avalanche into B.C. newsroom office

It was a chaotic start to the week for the Kitimat Northern Sentinel

Canadian law firm launches class action on behalf of Iran flight victims

Flight 752 was shot down by Iran shortly after take off

Mission Hill cellarman fired after mistakenly dumping $162K of wine down the drain

The former employee filed a grievance with the West Kelowna winery but was unsuccesful

Protesters block B.C. government building entrance to support Wet’suwet’en First Nation

A letter with four demands was delivered to the Ministry of Energy, Mines and Petroleum Resources

Hospital patient pleads guilty to dumbbell assault of nurse in Abbotsford

Neale Heath admits to assault causing bodily harm in attack last September

Most Read