Former Lululemon CEO Chip Wilson's new waterfront home in Vancouver is the most expensive house in British Columbia, according to figures released by B.C. Assessment today.
The yoga pants palace, which took five years to construct on three waterfront lots in the city's Kitsilano neighbourhood, took over the top spot with a value of $54 million, after construction was completed.
According to the annual provincewide property assessments, property values have dropped an average of five per cent across the province.
But in the northwest house values have surged due to the promise of natural gas and oil development — nine per cent in Prince Rupert, 11 per cent in Terrace, 23 per cent in New Hazelton, and 27 percent in Kitimat — the biggest increase in B.C.
John Evans, a Re/Max agent in Terrace, says resource development projects are bringing more jobs and more people to the region, creating a housing shortage and putting pressure on prices.
"All of the sudden your demand, it just can't keep up with it, and so you do have ... stories where people have bought and within a year they're selling it for fifty, sixty thousand dollars."
Even so, houses in the northwest remain far less expensive than those in the rest of B.C. The average price for a single-family home in Kitimat is around $228,000. Compare that to the Greater Vancouver area, where a typical single-family house costs nearly $1 million and the province's top ten priciest abodes — listed below — all exceeded $20 million each by a comfortable margin.
1. 3085 Point Grey Rd., Vancouver – $54,206,000
Last year, Wilson's 30,600-square-foot Point Grey residence was under construction and number two on this list. The two-storey house was custom built in 2008 with seven bedrooms and nine bathrooms.
2. 4707 Belmont Ave., Vancouver – $46,023,000
This custom mansion topped B.C.'s most expensive list last year. Built in 2007, its 10 bedrooms and 17 bathrooms sit on 1.7 acres overlooking Spanish Banks.
3. 4719 Belmont Ave., Vancouver – $28,624,000
Just down the road from number two on our list is this two-storey mansion on almost 60,000-square-feet of land. The 16-year-old abode has six bedrooms and 10 bathrooms.
4. 4743 Belmont Ave., Vancouver – $25,557,000
This two-storey, 1.3 acre home was built in 1992. Its four bedrooms and nine bathrooms have waterfront views of Spanish Banks.
5. 5695 Newton Wynd, Vancouver – $25,295,000
Sitting on 1.5 acres of land, this two-storey house was built more than 20 years ago not far from the University of British Columbia. Its eight bedrooms and 13 bathrooms overlook Burrard Inlet.
6. 4773 Belmont Ave., Vancouver – $24,978,000
Just over an acre in size, this two-story home with five bedrooms and nine bathrooms was custom built in 2010.
7. 4857 Belmont Ave., Vancouver – $24,547,000
This single-storey house was built almost three decades ago. It has six bedrooms, five bathrooms and waterfront views.
8. 3330 Radcliffe Ave., West Vancouver – $24,411,000
The priciest home in West Vancouver is this 39,000 square foot single-storey home. Built in 1999, it has five bedrooms, six bathrooms, and unobstructed views of Burrard Inlet and Point Grey.
9. 2815 Point Grey Rd., Vancouver – $24,158,000
This two-storey home is the oldest and smallest of B.C.'s top ten most expensive homes. Built in 1962, it sits on less than an acre of land — and across the street from Volunteer Park — but still has room for five bedrooms and six bathrooms.
10. 2588 Bellevue Ave., West Vancouver – $23,298,000
The second priciest home in West Vancouver is this two-storey home, with three bedrooms and seven bathrooms, sitting atop more than 37,000-square-feet in the neighbourhood of Dundarave.