Over the past year property values in Summerland increased significantly.
The average housing price in Summerland rose by 5.29 per cent over the past year. This increase is considerably higher than the rise in the overall consumer price index, at 1.1 per cent.
For those who own in Summerland, the higher assessments are good news as their investments are worth more now than in the past.
Using the statistics from B.C. Assessment, the average property value in Summerland, at $438,000, is considerably higher than elsewhere in the South Okanagan.
Summerland’s average assessment is $55,000 higher than Penticton’s average assessment and $124,000 higher than the average assessment in Oliver.
Properties in the Similkameen and Boundary regions show a much lower average assessment than homes anywhere in the Okanagan.
Summerland’s high average assessment figure is affected in part by the presence of some expensive homes, including some worth millions of dollars. Two of the 100 highest assessed homes in the Okanagan are in Summerland.
The average value of a home in the core of the community, at $320,000, is considerably lower than the community’s overall average.
This figure is closer to the value in other South Okanagan communities.
Even this price range is significant, especially for young families on low incomes.
Over the past several years, the topic of affordable housing has come up repeatedly, and it remains a concern, in Summerland and elsewhere in the Okanagan. For renters and homeowners alike, the cost of housing is significant.
As long as property values in Summerland and the rest of the region continue to increase, the need for affordable housing will remain.