New figures released by British Columbia's property assessment agency show the province's most valuable residential property, which is owned by billionaire Lululemon founder Chip Wilson, is worth about $1 million more than it was in the previous year's assessment.
Wilson's seven-bedroom, nine-bathroom mansion on Vancouver's Kitsilano waterfront is valued at $74,089,000, an increase of 1.3 per cent or $942,000 from the previous year, according to B.C. Assessment,
The peak valuation for the Point Grey Road property was $78.8 million in 2018.
The 2023 numbers, based on market valuations from July 2022, were posted online Monday.
The agency warned in December that 2023 assessments would likely not reflect the current market because of the six-month lag and the effects rising interest rates and slowing sales are having on the residential property sector.
"As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone,'' assessor Bryan Murao said in a statement.
Rates for a conventional five-year mortgage have risen from about 3.5 per cent one year ago to almost six per cent.
According to the latest data from the Real Estate Board of Greater Vancouver, home sales in the city were down almost 53 per cent in November 2022 compared with a year earlier, and down 15 per cent from October 2022.
Still, Murao said most property owners can expect to see a five to 15 per cent increase in their 2023 assessment.
Assessment notices will be mailed out to owners this month.
B.C. Assessment will be releasing more information on specific regions, communities and market trends on Tuesday.
Lululemon founder's Kitsilano home worth more than $74M, according to B.C. Assessment - CBC.ca
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