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Province’s priciest homes see millions wiped off assessed value

B.C.’s total real estate value is more than $1.99 trillion, up 7.45% from last year, says B.C. Assessment

The total assessed value of more than two million properties in B.C. is just over $1.99 trillion, which is 7.45 per cent higher than one year ago, B.C. Assessment announced January 2.

However, value declines and increases vary by municipality and property type. In the single family market, values ranged from an overall decline of 12 per cent in West Vancouver, and four per cent in Vancouver and North Vancouver, to a rise of 14 per cent in Pemberton, 12 per cent in Gibsons and 11 per cent in Whistler.

For strata units, virtually every municipality saw overall property values higher than last year, including Vancouver and West Vancouver, which saw the most modest total-value increases in the Lower Mainland, both up six per cent overall. Whistler saw the highest overall condo increases, with its total value up a whopping 23 per cent (more municipal breakdowns here).

The total values are assessed as of July 2018, and don’t take into account any price declines that may have occurred since then.

The top six highest-valued properties in the province saw exactly the same ranking as last year, and there was just one newcomer in the top 10 (3489 Osler Street, Vancouver, ranked ninth). As last year, nine of the top 10 were on Vancouver’s West Side.

Lululemon co-founder Chip Wilson’s Kitsilano home remained by far the highest-valued property, at $73.12 million – down 7.25 per cent from 2018. The sixth-placed home at 4743 Belmont Avenue is that of philanthropists Joe and Rosalie Segal, which was listed in 2018 for $63 million, but is now valued $37.7 million.

Of the nine properties that also appeared in last year’s top 10, only one has gained in value in that time – third-placed James Island, a private Southern Gulf island.

These are the highest-valued homes in B.C.:

1. 3085 Point Grey Rd, Vancouver $73,120,000 (2018: $78,837,000)

2. 4707 Belmont Ave, Vancouver $65,466,000 (2018: $71,820,000)

3. James Island $56,757,000 (2018: $54,433,000)

4. 4719 Belmont Ave, Vancouver $41,203,000 (2018: $46,684,000)

5. 2815 Point Grey Rd, Vancouver $39,961,000 (2018: $45,875,000)

6. 4743 Belmont Ave, Vancouver $37,724,000 (2018: $42,952,000)

7. 4773 Belmont Ave, Vancouver $35,880,000 (2018: $40,276,000)

8. 4857 Belmont Ave, Vancouver $35,621,000 (2018: $41,730,000)

9. 3489 Osler St, Vancouver $35,157,000

10. 2999 Point Grey Rd, Vancouver $35,012,000 (2018: $38,684,000)

B.C. property owners will be receiving their 2019 assessment notices in the mail over the next week, but can go online to check their new assessment here.

“The majority of residential home owners can expect a modest change compared to last year's assessment,” said Keith MacLean-Talbot, B.C. Assessment’s deputy assessor. “The single family home market saw slight increases or decreases depending on the municipality.”

B.C. Assessment reported that 98 per cent of owners do not appeal their assessments, but that option is open to those who disagree with their home’s valuation. MacLean-Talbot said, “Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.”