Waterfront homes, like this one in Kelowna's Mission, aren't worth as much as they were five years ago, according to the latest figures from BC Assessment.
At least they don't own waterfront property.
The estimated value of a typical single-family home in Kelowna has hardly changed at all in the past five years, according to figures released this week by BC Assessment.
However, the value of a typical waterfront property has eroded 13 per cent since 2009. A lakeshore residence and lot that had an assessment of $2.5 million five years ago is currently assessed at $2.2 million.
"I think it can take longer for changes in the assessment of waterfront homes to show up because there just aren't as many of these properties changing hands every year," Karen Singbeil, president of the Okanagan Mainline Real Estate Board, said Friday.
An average single detached home in Kelowna had an assessed value of $485,000 in 2010. While the value of the same home ticked up to $511,000 in 2012, it has now fallen back to $493,000, BC Assessment says.
"Prices are relatively stable now, and they have been for some time now," Singbeil said. "We just aren't seeing the kind of big increases that we have in the past."
The high point for Kelowna real estate was just before the onset of the recession in 2008, when a typical single detached home had an assessed value of $550,000.
The city-wide average assessed value, however, includes waterfront homes, which skew the result upward.
Here is some more detailed information on assessed values for specific neighbourhoods in the Central Okanagan. The first figure beside each neighbourhood's name shows the value of a typical single-family home this year, with last year's value in brackets.
- Rutland: $340,800 ($333,300).
- Upper Mission: $635,000 ($627,000).
- Glenmore: $452,400 ($449,700).
- Shannon Lake: $433,300 ($427,400).
- Kelowna waterfront: $2.18 million ($2.2 million).
- West Kelowna waterfront: $1.78 million ($1.78 million).
But even the neighbourhood assessment figures reflect only averages based on the sale price of homes in those communities, Singbeil notes. The best way for an interested homeowner to find out the true market value of his or her property is to call a real estate agent, she says.