Single-family residential properties in Nelson rose seven per cent in value to an average of $504,000, according to BC Assessment. Photo: Bill Metcalfe

Single-family residential properties in Nelson rose seven per cent in value to an average of $504,000, according to BC Assessment. Photo: Bill Metcalfe

BC Assessment: Residential property values rise across West Kootenay

Single-family homes in Slocan and Salmo saw the biggest increases

Single-family residential properties in Slocan and Salmo have seen the biggest rise in assessed value within the West Kootenay, according to annual statistics released Monday by BC Assessment.

The two villages rose 19 per cent in typical assessed value as of July 1, 2020 compared to 2019.

A property in Salmo that cost $225,000 in 2019, for example, rose to $268,000 last year, while in Slocan a single-family home’s value went up from $165,000 to $196,000.

Other jumps in value occurred in Nakusp, which saw a 16 per cent increase to $275,000, Trail (12 per cent increase to $230,000), and Kaslo (12 per cent to $299,000).

Nelson properties are the most expensive in the West Kootenay, with a seven per cent rise to $504,000. Castlegar, meanwhile, went up nine per cent to $349,000. Creston and Grand Forks each rose eight per cent to $284,000 and $272,000, respectively. Rossland also rose five per cent to $380,000.

“The majority of Kootenay Columbia homeowners can expect a moderate increase in their 2021 assessments compared to last year,” said deputy assessor Sharlynn Hill in a statement.

“Some of the smaller communities have experienced higher demand than previous years and that is reflected in this year’s assessments.”

The most valuable property in the West Kootenay is a $4.4 million residence near Grand Forks. Blaylock’s Mansion, just north of Nelson on Highway 3A, is worth $3.4 million.

BC Assessment said the total assessments for Kootenay Columbia, which includes the West and East Kootenays north to Revelstoke, rose from approximately $46.6 billion to nearly $49.8 billion last year.

The property value increases coincide with a hot real estate market across the Kootenays. The Kootenay Association of Realtors reported a 66.5 per cent rise in unit sales for November compared to one year prior.

@tyler_harper | tyler.harper@nelsonstar.com

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