B.C.'s 5 most expensive residential properties in 2017
Homes on the west side of Vancouver continue to dominate the list
For the fifth consecutive year, Lululemon founder Chip Wilson's home has been assessed as the most expensive in all of B.C.
B.C. Assessment Tuesday released its new valuations for every property in the province, showing the total value of all real estate in B.C. up 11.9 per cent to $1.86 trillion.
At the top was Wilson's home on Point Grey Road, now valued at $78.8 million.
Residential properties in the City of Vancouver had an average increase of 5.63 per cent, down sharply from the year before — with many single-family homes in the city's west side decreasing by 5 to 10 per cent.
The assessments are done based on what B.C. Assessment determines the value of the home was on July 1 of the previous year.
Here's a list of the five most expensive homes in B.C.
1. At $78.8 million, Wilson's Kitsilano mansion only increased by $3 million from its 2017 valuation figure, after going up nearly $12 million in the previous assessment.
2. At $71.8 million, 4707 Belmont Ave., near the beach at Spanish Banks, continues in the runner-up spot.
3. At $54.4 million, the isolated and extravagant James Island continues to be the most expensive private island in the province.
The property includes one main residence, about six guest homes, an 18-hole golf course designed by Jack Nicklaus and a private airstrip. It has been listed for sale in recent years, but is no longer on the market.
4. At $46.7 million, 4719 Belmont Avenue is one of 19 properties on the nine-block street to make the list of Greater Vancouver's top 100 properties, making it one of B.C.'s most exclusive roads.
5. At $45.9 million, 2815 Point Grey Road.
Similar to Belmont Avenue, homes on Point Grey Road dominate the lists of the province's most expensive residences with 19 of them listed in Greater Vancouver's 100 priciest properties, to be exact.
For the curious, B.C. Assessment also prints a list of the 100 most expensive homes in each region of the province, which can be found here:
Overall, the highest residential increases in B.C. by region and type came for condos in North Surrey, which increased by an average of 40 per cent, from $217,000 to $303,000.
The highest decrease came in Kitimat, where the average value of a single family home decreased 16.2 per cent, from $278,000 to $233,000.
Homeowners can file an appeal of their assessment value by Jan. 31. The day after the assessments were released, the provincial government raised the homeowner grant from $1.6 million to $1.65 million.