The waterfront mansion belonging to Lululemon founder Chip Wilson is B.C’s most expensive property for the third year in a row.
The 30,000-square-foot Point Grey palatial home is valued at $63.87-million, gaining more than $6-million in taxable value in 2015, according to BC Assessment. All 10 of this year’s priciest properties are single-family homes on the West Side of Vancouver.
Wilson’s home isn’t the only one that saw a significant jump in value.
Owing to the region’s red-hot real estate market, many single family homes will see increases of 15 to 25 per cent in 2016.
BC Assessment said those large increases would be typical in Vancouver, North Vancouver, Burnaby, West Vancouver, Tri-Cities, New Westminster and Squamish, where the price of houses has risen dramatically in the past 12 months.
The jump is expected to be less dramatic in Whistler, Pemberton and the Sunshine Coast, with increases in the zero to 15 per cent range, according to spokesperson Jason Grant.
Homeowners can expect to receive their latest property assessment notices within the next few days, or can go online to view them now.
Spokesperson Jason Grant says with the state of the current housing market, the increases shouldn’t come as a surprise.
BC Assessment says there have only been two or other instances since 1980 that it’s seen those types of increases.
The increases don't necessarily mean property taxes are going up right way, or the same amount, the agency notes.
Top 5 most expensive homes in B.C.:
- 3085 Point Grey Rd., Vancouver – $63,870,000
- 4707 Belmont Ave, Vancouver – $57,058,000
- 4719 Belmont Ave, Vancouver – $37,086,000
- 2815 Point Grey Rd., Vancouver – $34,680,000
- 1388 The Crescent, Vancouver – $33,790,000
