B.C.’s priciest properties overwhelmingly located in the Lower Mainland, assessment data shows

Billionaire Chip Wilson's home on Point Grey Road in Vancouver is seen on Jan. 2, 2024. (CTV News)

Billionaire Lululemon founder Chip Wilson’s Kitsilano mansion remains the most valuable residential real estate in B.C., though it’s about $9 million less valuable this year than it was last, according to BC Assessment.

The agency released its latest province-wide property assessment data on Friday, including the annual list of B.C.’s 500 most-valuable homes.

Wilson’s nearly 15,700-square-foot waterfront estate once again tops the list, with an assessed value for 2026 of $73,457,000. In 2025, the seven-bedroom, nine-bathroom mansion at 3085 Point Grey Rd. was assessed at $82,664,000.

The $9.2-million decline in value—a roughly 11 per cent drop—is a more significant decline than most Metro Vancouver homeowners saw in 2026, according to BC Assessment.

Lower Mainland properties generally saw decreases in value between zero and 10 per cent in this year’s assessment, said assessor Bryan Murao in a statement accompanying Friday’s announcement.

“The softening housing market is being reflected in 2026 property assessments,” Murao said. “Many homeowners throughout the Lower Mainland can expect some decreases in assessed value.”

Overall, property in the Lower Mainland declined from roughly $2.01 trillion in total value in 2025 to about $1.92 trillion in 2026, according to BC Assessment.

Province-wide, the agency assessed more than 2.2 million properties with a total combined value of more than $2.75 trillion. A huge portion of the total number of properties—about 91 per cent—have at least some portion assessed as residential (Class 1).

Lower Mainland leads the way

Given that it accounts for nearly 70 per cent of the total assessed value of real estate in the province, the Lower Mainland’s dominance of the top-500 list is, perhaps, not surprising.

The region—which in BC Assessment’s definition includes Metro Vancouver, the Fraser Valley, the Sea to Sky corridor and the Sunshine Coast—is home to 475 of the 500 most valuable residential properties in B.C.

Most of the most expensive homes are clustered in just a few areas. The City of Vancouver accounts for eight of the top 10 spots on the list, with West Vancouver, the Resort Municipality of Whistler and the University Endowment Lands on which UBC is located recurring repeatedly throughout the list.

There is just one property from outside the Lower Mainland in the top 50, four in the top 100, seven in the top 200 and 11 in the top 300.

The 25 properties located outside the Lower Mainland also tend to be clustered in a few locations.

Nine are located in the District of Oak Bay on Vancouver Island, with two others on the waterfront elsewhere on the Saanich Peninsula. Three more are located in the City of Kelowna, along with three in Lake Country and two in West Kelowna.

A total of 80 properties in B.C. are assessed at $20 million or more in 2026, and all but two of them are located in the Lower Mainland.

The last entry on the list, the 500th most valuable property in the province this year, is 1471 Bramwell Rd. in West Vancouver. The eight-bedroom, 12-bathroom mansion was built in 1991 on a half-acre lot in the district’s Chartwell neighbourhood. Its assessed value for 2026 is a little more than $11.7 million.

Rounding out the top 10

Like Chip Wilson’s home, the second-most valuable property in B.C. maintained its spot, but saw its value decline in 2026.

The 10-bedroom, 16-bathroom mansion at 4707 Belmont Ave. is assessed at $69,878,000 this year, down from $71,739,000 in 2025.

Third place went to James Island, a 770-acre private island off the coast of Central Saanich that is the only property outside the Lower Mainland in the top 10. Its assessed value this year is $57,096,000

Four other homes on Vancouver’s Belmont Avenue claimed a spot in the top 10, along with one of Wilson’s Point Grey Road neighbours, a mansion at the north end of Blanca Street and a waterfront home in West Vancouver.

The full list of the 10 most valuable residential properties in B.C. follows.

1. 3085 Point Grey Rd., Vancouver – $73,457,000
2. 4707 Belmont Ave., Vancouver – $69,878,000
3. James Island, James Island – $57,096,000
4. 4743 Belmont Ave., Vancouver – $42,514,000
5. 4719 Belmont Ave., Vancouver – $40,600,000
6. 1450 Blanca St., Vancouver – $39,232,000
7. 4838 Belmont Ave., Vancouver – $38,999,000
8. 4773 Belmont Ave., Vancouver – $34,377,000
9. 2999 Point Grey Rd., Vancouver – $34,333,000
10. 3330 Radcliffe Ave., West Vancouver – $34,132,000

One month to appeal

Whether their homes are among the 500 most valuable or not, B.C. property owners who are unhappy with their 2026 assessments have until Feb. 2 to begin the appeal process.

The first step is to file a formal notice of complaint to the Property Assessment Review Panel, which is an independent agency separate from BC Assessment that typically meets in February and March each year.

Murao said the agency recommends people with concerns about their assessments call BC Assessment “as soon as possible” and only file a formal complaint if they are “still concerned about their assessment after speaking to one of our appraisers.”

BC Assessment said more than 98 per cent of homeowners typically accept their annual assessments without appealing.