Assessed values for single-family detached homes surged last year in Vancouver, where most of British Columbia's 100 most expensive properties are located.
A typical detached home on Vancouver's west side on a 15.24-metre-wide lot had an assessment of $1,812,000 on July 1 last year, up 12.5 per cent from the previous evaluation on July 1, 2013. A representative detached property on the west side on a 10-metre-wide lot saw its year-over-year valuation climb 7.5 per cent to $1,575,000, according to new data released Friday by BC Assessment.
On the city's east side, a typical detached home had an assessed value of $993,000 last July, up 11.3 per cent over a 12-month period, said BC Assessment, the provincial Crown corporation that estimates values on behalf of B.C. municipalities, which in turn use the data to determine tax rolls.
The average price in the latest assessment roll for single-family detached properties increased 11 per cent year-over-year in the City of Vancouver, said Dharmesh Sisodraker, deputy assessor for the Vancouver Sea to Sky region.
Lululemon Athletica Inc. founder Chip Wilson has the most expensive residential property in the new provincial list compiled by BC Assessment. His Vancouver waterfront mansion rang in at $57.6-million, up 6.3 per cent from the previous evaluation.
A unique property, a private island, has emerged as the runner-up with an assessment of $51.6-million, up 10 per cent from before. The James Island property, spread across 316 hectares, belongs to U.S. billionaire Craig McCaw. The sprawling acreage in the Gulf Islands has been listed for sale by Sotheby's International Realty Canada since 2012 for $75-million. "It had a split classification before as residential and recreational, but it is all residential now," said Reuben Danakody, assessor in the Capital Region at BC Assessment.
Of the top 100 most expensive B.C. residential assessments, 95 are in either the City of Vancouver or University Endowment Lands or the district municipality of West Vancouver.
A Vancouver property registered to Pisonii (PTC) Ltd. is in third place at $50.1-million, up 8.9 per cent. The fourth spot belongs to the $31.5-million Vancouver residence of philanthropist Nezhat Khosrowshahi and her husband, Future Shop founder Hassan Khosrowshahi. Their property's value has climbed 9.9 per cent.
Fifth is the $28.1-million property owned by real estate developer Joseph Segal and his wife, Rosalie, a philanthropist. Their Vancouver home's value rose 10 per cent.
Homeowners will be receiving their assessment notices next week, reflecting market values from last July.
A representative detached house on West Vancouver's waterfront increased 3.8 per cent in value to $3,542,000.
While Vancouver and West Vancouver stand out with high-end homes, the sharpest percentage price gains have been in northwestern British Columbia. In the district of Kitimat, for instance, average assessed values for single-family detached properties soared 39.2 per cent to $316,000. Rio Tinto Alcan's massive modernization project at its aluminum smelter site in Kitimat and some preliminary work on proposed liquefied natural gas projects have fuelled the local housing market. Kitimat's assessed values increased 26.7 per cent in the previous annual review.
Average assessed values jumped 29.9 per cent to $317,000 in Terrace and they rose 16.8 per cent to $229,000 in Prince Rupert, according to data for assessments for last July.
By contrast, the Capital Region's housing prices have been flat, with most properties seeing their assessments change in a range from slipping 2 per cent to rising 3 per cent. A typical detached home in Victoria had an assessed value of $536,000, up 1.9 per cent.