Salmon Arm Observer, January 15, 2016

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Shuswap Your Classified Connection / Vol. 27 No. 3 Jan. 15, 2016

Market News

SAVING YOU MORE... RECLINING MADNESS! January 12 - 27

1701 10 Ave SW, Salmon Arm • (250) 832-5333

Inside Shuswap

A3

Skiing solo

Fire calls increase

n A lone crosscountry skier glides across the frozen surface of Shuswap Lake near the Salmon Arm Wharf on Friday, Jan. 8.

Rural fire departments have busy year. Plus South Shuswap A8-9 Sports A17

Chase

A19

Heat

Logan Mostat moves up to BCHL. Plus Poetry published A20 What’s On A20

Flyers z Appliance Plus* z Askew’s z Buckerfields z Canadian Tire* z Coopers* z Home Hardware z Jysk* z Michaels* z No Frills z Real Estate z Safety Mart* z Safeway* z Save On Foods z Sears* z Shoppers Drug Mart* z Staples* z Superstore* z Surplus Furniture* z Visions z Walmart* *Limited distribution

EVAN BUHLER/MARKET NEWS

Home values rise in the Shuswap

BC Assessment: While most properties show an increase, Sicamous sees a drop. By Lachlan Labere

MARKET NEWS STAFF

The assessed value of Shuswap residential properties is on the rise, owed in part to strong sales activity and, in some cases, limited inventory. Most British Columbians will have received their annual property assessments last week from BC Assessment. In general, property values across the province are up by an average of 11 per cent, with the Lower Mainland seeing some of the highest increases, in some cases as high as 28 per cent.

In the Okanagan/Shuswap, assessed values for residential properties followed the provincial trend, with the majority having increased between two and 10 per cent. “The majority of residential homeowners within the region can expect a modest increase in value, compared to last year’s assessment,” states deputy assessor Tracy Wall with BC Assessment. “The Central Okanagan’s urban areas will see the greatest increases in values along with Penticton, Salmon Arm, Spallumcheen and Lumby.” According to a summary comparing single residential property values

in Salmon Arm, a home assessed at $323,300 in July 2014 increased in value by 10.23 per cent in July 2015, and is now assessed at $356,400. Values for commercial and light industrial properties in the Okanagan were assessed at an average of minus five or plus 10 per cent, similar to 2014. These increased residential values in the Okanagan/Shuswap reflect sales in 2015, which the Okanagan Mainline Real Estate Board (OMREB) calls one of its busiest years since 2007. Statistics for the Shuswap show sales activity for singlefamily residential had declined by

December, but year-to-date sales increased over the previous year by 9.5 per cent. Sales activity for all property types was up 3.3 per cent. Overall inventory, however, was down by 11.3 per cent (945 units from 1,099) over the year prior. OMREB director and Shuswap Realtor Doug Hubscher says homes in the Shuswap have been selling over assessed value and, while the market is strong, it’s not aggressive, as buyers aren’t as pressed to purchase as they might be elsewhere. See Property owners on page A5

It’s our 1st Anniversary. CELEBRATE WITH US! We are giving away a getaway to

Las Vegas every day* Purchase a new or used in-stock vehicle and it’s Viva Las Vegas!

Win flights & two nights’ accommodation for two!

Don’t gamble with your vehicle needs. See us and bet on a sure thing. With every sale in our Parts and Service and Quick Lube departments you get a chance to win! *January 15th to the 30th

3901 11 Ave NE • 250-832-6066

salmonarmgm.com


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