By Don Urquhart, Times Chronicle
The 2025 property assessments from BC Assessment have been released with residential values up two per cent in Oliver and down one per cent in Osoyoos, reflecting the market value as of July 1, 2024.
The updated property values for the 444,668 properties in the Southern Interior (up one per cent from last year) are now available at bcassessment.ca in addition to 2025 Property Assessment Notices being mailed to each property owner, but possibly delayed due to the postal strike.
In the Town of Oliver, median valuations increased to $619,000 from 2024’s $609,000. In Osoyoos, the median valuation dropped to $667,000, down from $673,000.
“For 2025, most homeowners can expect generally flat property assessment value changes in the -5 to +5 per cent range for many Thompson Okanagan communities while homeowners in Kootenay Columbia areas may see a higher rate of change in the 0 to +10 per cent range,” says Deputy Assessor Boris Warkentin.
Overall, the Southern Interior’s total assessments increased from about $315 billion in 2024 to nearly $323 billion this year a rise of three per cent. A total of about $5.29 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
BC’s Southern Interior region includes the main urban centres of Kelowna, Kamloops, and Cranbrook as well as all surrounding Okanagan, Thompson, and Kootenay Columbia communities.
BC Assessment table
Meanwhile, the top valued residential properties in 2025 are mostly located in either the Point Grey or Kitsilano areas of Vancouver.
One exception to this is James Island located in the Gulf Islands which is the third highest valuation at $57.53 million. The island is famous for a dynamite plant that was established on the island in 1913 until 1977. The island now features a luxury resort development which includes a golf course, yacht moorage, seaplane ramp, and an airstrip.
The province’s second highest valuation goes to 4707 Belmont Avenue in Point Grey at $71.74 million. The top valued property in BC is 3085 Point Grey Road in Kitsilano of which the beachfront land alone is valued at over $50 million with the seven bedroom, nine bathroom, 15,694 sqft two story house valued at $32.6 million.
