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WEDNESDAY, JANUARY 4, 2023 | Volume 36 No. 1
STILL FIGHTING FOR FERRIS
Where Are They NOW?
Five years ago, KTW first introduced readers to Ferris Backmeyer, who was diagnosed with Mainzer-Saldino syndrome — a rare disorder involving kidney failure — just days following her birth. Ferris’ parents spent months with her at BC Children’s Hospital, where she underwent dialysis treatment. Ferris will turn six years old at the end of January and is in need of a kidney transplant, which is scheduled to take place in Toronto in April.
TURN TO PAGE A7 FOR AN UPDATE ON FERRIS AND HER FAMILY
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Assessments may not reflect market values KAMLOOPS THIS WEEK
The BC Assessment Authority has updated its 2023 property assessments on its website, with notices now in the mail. The assessments can be viewed by searching addresses at bcassessment.ca. In Kamloops, the average increase in assessed value of single-value homes is 11 per cent (typical assessed value rose to $689,000 in mid-2022 from $619,000 in mid-2021). The average increase in assessed value of condos/ townhomes is 19 per cent (typical assessed value rose to $408,000 in mid-2022 from $344,000 in mid-2021). In Sun Peaks, the average single-family increase is a whopping 44 per cent (from $1.15 million to $1.6 million), while condos/townhomes have seen an average value hike of 11 per cent (from $685,000 to $758,000). “It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said BC Assessment’s Okanagan area deputy assessor Tracy Shymko, noting a property tax hike is only likely for those property owners whose land value has increased beyond the average in its class (11 per cent for single-family homes
and 19 per cent for condos/ townhomes in Kamloops). However, BC Assessment has warned that the assessed value of homes could be higher than current market values, due to the fact the assessed value for 2023 is based on market values of July 1, 2022. And much has changed between July 1, 2022, and today, including rising interest rates for mortgages and a drop in sales activity. In a span of nine months — from March to December — the Bank of Canada’s policy rate has jumped to 4.25 per cent from 0.25 per cent. Meanwhile, demand for homes has fallen, resulting in lower sales prices, fewer sales and listings remaining on the market for longer periods of time. Statistics from the Association of Interior Realtors show a decline in average sales price between July (when the current assessments were based) and the end of the year. In Kamloops in July, the average sales price of a singlefamily home was $750,830. The average sales price of a townhouse was $584,218. The average sales price of a condo/apartment was $373,483. The latest statistics, for November, show the average sales price of a single-family
home was $717,017. The average sales price of a townhouse was $479,258. The average sales price of a condo/apartment was $366,211. In addition, the number of days homes were on the market increased between July and November, while the number of sales decreased. Last year, BC Assessment reported an average 27 per cent spike in assessed value for single-family homes in Kamloops — about quadruple that of 2021 and 2020. Townhouses and condos/ apartments rose in value by an average of 21 per cent. This year, a survey of a half-dozen properties that had sky-high spikes in values last year shows the increases this year are far more moderate. For example, 1490 Westerdale Dr. — which has been the highest-valued property in Kamloops for the past several years — has a current assessed value increase of about nine per cent and is now pegged at $3 million. Last year, that property rose in value by 27 per cent. BC Assessment said real estate sales determine a property’s value. Those wishing to appeal their assessments can do so until Jan. 31. Information on the appeals process is online at bcassessment.ca.
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20 TOYOTA COROLLA
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17 MERCEDES-BENZ C300
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20 BUICK ENCLAVE AVENIR
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