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Real Estate


Real Estate

The North Okanagan offers businesses and individuals a variety of available and very affordable real estate options. The North Okanagan region has prime residential housing and serviced commercial space available.

Across the North Okanagan , the average residential listing price in 2009 was $368,000. 

AVERAGE RESIDENTIAL COSTS (2009)

Single-Family Residence

$368,485

Townhouses

$286,131

Apartments

$177,338

Commercial

$671,809

Source: Okanagan Mainline Real Estate Board

Updated January 2010

For Information on available residential real estate contact the Okanagan Mainline Real Estate Board.


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Property Taxation

Property taxation rates are based on regulations covered by the provincial Municipal Act. The BC Assessment Authority provides the assessment on real property for taxation purposes. Annual property taxes cover the period January 1 to December 31.

BC Assessment Authority
2820 28th St.
Vernon, BC
Ph: (250) 545-2171
Fax: (250) 545-5603
Toll free: 1-800-990-1191

Homeowners can claim a provincial Home Owner Grant for their residence


Property tax rates are either quoted as an average rate between land and improvements or have distinct separate rates. In the case of separate rate, the land mill rate applies only to the value of the land and the improvements only to the assessed value of the improvements/structures. Where the rates have been averaged please be advised that the rates can vary slightly, since they are dependent on the relative mix of land and improvements.

For more detailed information on property taxes, please contact the Tax Department of the various municipalities: Vernon , Coldstream, Armstrong, Enderby, Lumby, Spallumcheen.


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Commercial Leasing

Commercial leasing of space involves many different factors including location, type of space, zoning, etc. Due to government downsizing and private sector efficiencies and rationalization, there is an abundance of office and commercial service space available in the North Okanagan.  For information on commercial leasing availability, contact Royal LePage - Downtown Reality at (250) 545-5371




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Industrial Land

Light industrial land is available for production industries depending on particular needs of a business. Industrial real estate is available in limited quantities in the Greater Vernon. In-service properties are available in several parcels throughout the region at an average cost of $90,000 per acre. Serviced industrial property is available in limited quantity in Vernon, Spallumcheen Industrial Park (15 kms/10 miles north of Vernon), and in Lumby Industrial Park (24 kms/18 miles east of Vernon) at an average cost of $125,000.

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Building

In 2008 there were 639 Residential Building permits issued with a value of $174,879,000. In that same time Non-Residential building permits issued had a value of $90,757,000. 

Updated January 2010

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