Motorists make their way along a street in the Glenmore area of Kelowna. BC Assessment says the assessed value of a typical detached home in Kelowna has risen to $493,000 from $488,000 the year before.
An average single-family home in the municipality has an assessed value of $504,000, according to information released by the BC Assessment Authority.
Lake Country is the only Okanagan municipality where the average single-family home costs more than a half-million dollars.
"The figures indicate Lake Country is a desirable place to live," Mayor James Baker said Thursday.
"We're a fairly young community (incorporating only in the mid-1990s), but we have a lot of amenities and we're close to both UBC Okanagan and the airport," Baker said.
The high price of homes in the municipality of 11,500 people is something of a mixed blessing, Baker suggested.
"I suppose it can be a source of pride, but I would prefer it if we had some more attainable, more affordable homes," he said.
Last year, an average detached single-family home in Lake Country had an assessed value of $515,000.
Throughout the Okanagan, there has been relatively little change in assessed home values.
"Most homes are remaining stable in value compared to last year's assessment roll," said Tracy Wall of BC Assessment.
"Most homeowners will see modest changes in the plus-five to minus-five range," Wall said.
In Kelowna, the valley's second-priciest housing market, the assessed value of a typical detached home rose to $493,000 from $488,000. West Kelowna has the third most expensive homes, with a typical single-family home having an assessed value of $475,000, down from $476,000 last year.
In Vernon, the average single detached home has a value of $373,000, down from $374,000. The values are nearly identical in Penticton, where a typical home has a value of $372,000, down from $374,000.
Of 20 towns and cities listed by BC Assessment for comparison purposes, Enderby has the least expensive homes in the Okanagan. An average single-family home in the North Okanagan community has an assessed value of $246,000, up from $242,000 last year.
The total assessed value of all Okanagan properties is $86.4 million, down about $400,000 compared to 2013.
Property owners who dispute the estimated value of their home have until Jan. 31 to file an appeal with BC Assessment.