These are the 5 most expensive homes in B.C., according to provincial assessments

A single-family residence at 3085 Point Grey Rd. in Vancouver, B.C., is the once again most expensive home in the province. (CTV News)

The British Columbia Assessment Authority has released its annual list of the most expensive residential properties in the province in 2024.

The BC Assessment values are based on estimated market values as of July 1, 2023.

All but three of the top 25 properties are in Vancouver, with Lululemon founder Chip Wilson's home in the Kitsilano neighbourhood once again topping the list.

BC Assessment says residential real estate prices have largely stabilized in B.C. after years of dramatic increases in local housing markets across the province.

"Most properties in the province changed only between minus-five to plus-five per cent,” said assessor Bryan Murao. "I haven’t seen numbers that small for at least a few years."

1. 3085 Point Grey Rd., Vancouver

The estimated market value of the 15,600-square-foot home at 3085 Point Grey Road rose from $74.1 million in July 2022 to $81.8 million as of July 2023.

BC Assessment estimates that $50.1 million of the current value is in the land itself, while $31.7 million is the value of the buildings on the property.

2. 4707 Belmont Ave., Vancouver

With an estimated value of $70.4 million, the home at 4707 Belmont Avenue in the Point Grey neighbourhood of Vancouver is the second most expensive piece of residential real estate in the province.

The home's estimated value increased more than $3 million since July 2022, when BC Assessment appraised its value at $67 million.

3. James Island, B.C.

One of the few non-Vancouver properties to make the most-expensive list, James Island is located off the southeast coast of Vancouver Island, near Central Saanich.

The private, 770-acre island is also one of the few properties on the list whose estimated value fell from 2022 to 2023. BC Assessment says the property's total value is estimated at $57.9 million, down from $61.2 million in 2022.

4. 4743 Belmont Ave., Vancouver

Back on Vancouver's Belmont Avenue, near Spanish Banks beach, is a 16,500-square-foot home on 1.3 acres of land.

The $43.7-million property was valued at $42.3 million last year and sold for $42 million in April 2021.

5. 2815 Point Grey Rd., Vancouver

This single-family home in Kitsilano is valued at $42.9 million, up nearly nine per cent since 2022, when it was assessed at $39.4 million.

It features five bedrooms and six bathrooms in its 9,300 square feet of floor space, according to BC Assessment. The home was built in 1962 on a three-quarter-acre property.

A complete list of the 500 most expensive residential addresses in B.C. is available here.

With a file from CTV News Vancouver's Isabella Zavarise