But West Kelowna and Lake Country have homes valued at nearly as much this year.
Once again a waterfront home on Hobson Road in the south Mission area of Kelowna came in as the most expensive residential property in the region with an assessed value of just over $10.5 million.
The 9,761-square-foot, one-storey, four-bedroom house at 4358 Hobson was built in 1974 and sits on 1.764 acres.
Coming in a close second on the list is a single family lakeshore residence at 1683 Pritchard Drive in West Kelowna assessed at $9.7 million.
Lake Country has the third most valuable residential property, another waterfront house, at 18250 Juniper Cove Road. It is assessed at $9.5 million.
A six-bedroom, nine-bath, 1.5-storey house, located on 38.3 acres at 380 Lochview Road in Kelowna is assessed at $13.6 million but was left off the single family residential list, according to B.C. assessment, because a portion of the property is in the farm classification. That 7,900-square-foot house, with a 7,200-square-foot finished basement, was built in 2005.
The other 43 properties on the list of 45 most valuable in the Okanagan range in assessed value from $5.8 million to $8.5 million. All are described as waterfront properties.
Twenty-seven of them are in the Kelowna, with nine of those on Hobson Road. Seven are in West Kelowna, five are in Lake Country and three are listed as acreages in the Regional District of Central Okanagan.
Of the top 45, only two are located outside the Central Okanagan. Both are single family homes in the north Okanagan on the shores of Kalamalka Lake. One is assessed at just over $6 million, while the other is assessed at just over $6.1 million.
All the Okanagan properties, however, pale in comparison to the assessed value of the most expensive homes in Lower Mainland. There, the top 10 are all located on the west side of Vancouver, and range from a $35 million home on Point Grey Road in the Kitsilano neighbourhood to the provinces most expensive home, a $73.1 million property just up the road on the same street.
B.C. Assessment has released the 2019 property assessments and is mailing out notices this month, including to 208,000 properties in the Okanagan.
It says the majority of Okanagan owners can expect to see increases of between five and 10 per cent compared with last years assessments.
The total value of all Okanagan assessments has risen $10.6 billion from last year’s $108 billion, with $2.5 billion of that from new construction.
The assessment authority says values increased an average of seven per cent in Kelowna, Peachland and Lake Country over the last year, and six per cent in West Kelowna.
The average assessed value in Kelowna is now $632,000, in Lake Country it’s $619,000, in West Kelowna it’s $614,000 and in Peachland it’s $582,500.
The average value of condominiums in Kelowna rose by 10 per cent in the last year to an average of $376,000 and in West Kelowna by nine per cent to $402,000.
The average assessed value of a single family residence in Vernon jumped eight per cent in the last year to $447,000, and in Penticton by eight per cent to $481,000.