British Columbia’s most expensive homes took a value hit in 2018

The BC Assessment numbers are out for 2019 and all of the most expensive Vancouver homes from a year ago have all lost assessed value.

On the list, was how much a home was assessed at as of July 1, 2018, this was released online today on January 1, 2019.

The highest-valued home from last year was Chip Wilson’s mega-mansion on Point Grey Road. The seven-bedroom, nine-bathroom waterfront home is now worth $73,120,000, down from $78,837,000 a year ago.

The change is massive at a 7.3 per cent drop in value.

The exclusive Belmont Avenue has also seen previously sky-high values dip slightly. The province’s second most expensive home, 4707 Belmont Ave, is now assessed at $65,466,000, down from $71,820,000.

The province’s fourth most expensive home, 4719 Belmont Ave., is now assessed at $41,203,000, a drop from $46,684,000 a year ago. Neighbours at 4743 Belmont, the sixth most expensive home last year, is now assessed at $37,724,000 down from $42,952,000 last year. 

The latest B.C. assessment shows that home values in Vancouver, the North Shore, South Surrey, White Rock, South Delta and Richmond have, on average, gone down between five and 10 per cent.

One property that is bucking the downward trend, however, is James Island. The private island near Victoria was the third highest assessed last year at $54,433,000. The value has gone up to $56,757,000.

Below are the changes in the top 10 houses.

3085 Point Grey Road $73,120,000 (2018) $78,837,000 (2017)

4707 Belmont Ave $65,466,000 (2018) $71,820,000 (2017)

James Island $56,757,000 (2018) $54,433,000 (2017)

4719 Belmont Ave $41,203,000 (2018) $46,684,000 (2017)

2815 Point Grey Road $39,961,000 (2018) $45,875,000 (2017)

4743 Belmont Ave $37,724,000 (2018) $42,952,000 (2017)

1388 The Crescent $34,788,000 (2018) $42,494,000 (2017)

4857 Belmont Ave $35,621,000 (2018) $41,730,000 (2017)

4773 Belmont Ave $35,880,000 (2018) $40,276,000 (2017)

2999 Point Grey Road $35,012,000 (2018) $38,684,000 (2017)

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Summarized by: Onur Gul