Property values have dropped in the Merritt area according to the recent 2024 BC Assessment report, a trend consistent among many of the communities in the Southern Interior.

The report, released annually in the first week of January, reflects market values as of the previous July 1.

As of July 1, 2023, values in Merritt averaged $438,000, a decrease of eight per cent from the previous year ($475,000). Individual assessments are now in the mail, and can also be found at www.bcassessment.ca.

“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” said Southern Interior Deputy Assessor Boris Warkentin. “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.”

Municipalities throughout the Thompson-Okanagan area generally saw a slight decrease in the year-over-year value of properties, ranging from as low as a 12 per cent decrease in Sun Peaks ($1,651,000 in 2023 to $1,457,000 in 2024), to as high as a five per cent increase in Spallumcheen ($583,000 in 2023 to $610,000 in 2024).

The Village of Lytton was an outlier in the data, boasting a 26 per cent increase in value from $162,000 to $204,000 due to market activity recovering as the community is rebuilt.

Logan Lake prices remained fairly steady, decreasing two per cent from an average of $445,000 to $437,000.

Across the province, the priciest home remains that of Lululemon founder Chip Wilson, whose home in the Kitsilano neighbourhood of Vancouver was valued at $81,765,000.