Chip Wilson's Property Valuation

In a striking reveal from BC Assessment, it has been confirmed that Chip Wilson, the founder of Lululemon, still boasts the most valuable residential property in British Columbia in 2025. His luxurious home situated along Point Grey Road has a staggering assessed value of $82.66 million—an increase from last year's valuation of $81.77 million.

Market Stabilization

While Wilson's property continues to appreciate, the broader real estate market in Vancouver appears to be stabilizing, with slight dips in value for single-family homes and condos. In 2024, the typical assessed value for single-family homes was $2.21 million, which has marginally decreased to $2.21 million in 2025. On the other hand, the average value for condos has dropped from $806,000 to $798,000.

BC Assessment Insights

"Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value for a second consecutive year," stated BC Assessment Assessor Bryan Murao. Homeowners in the region can expect modest fluctuations in their property assessments ranging from -5% to +5%.

High-Value Properties in B.C.

Remarkably, nine out of the ten most expensive properties in B.C. are located in the City of Vancouver, with James Island and a high-profile property in West Vancouver also making the list. However, areas like Burnaby and the Village of Pemberton stand out as exceptions, experiencing an increase in assessed values by 4%. Meanwhile, regions like Surrey, Whistler, and Pitt Meadows saw a decrease in property values between -1% and -3%.

Advice for Property Owners

BC Assessment has advised property owners to check their Notices of Assessment via their website, where they can also find answers to frequently asked questions regarding assessments. Murao explained that disparities in property assessments do not directly correlate with property tax changes, noting that the relative change compared to community averages is what impacts tax obligations.

Conclusion

As the real estate landscape continues to evolve, property owners are encouraged to stay informed and proactive regarding their assessments to fully understand how they translate into taxes and overall property values.