January 1, 2019 4:57 pm
Updated: January 2, 2019 7:51 pm

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

WATCH: B.C.'s 2019 property assessments are out, and while some properties are down, others are up. Jill Bennett has the rundown.

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

READ MORE: BC’s new top 10 most expensive residential properties

The list, based on how much a home was assessed at as of July 1, 2018, was released online on January 1, 2019.

The highest-valued home 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.

WATCH: Keith Baldrey on B.C. Assessment numbers


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The change is a 7.3 per cent drop in value.

READ MORE: Detached home value in Metro Vancouver expected to drop in upcoming assessments

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.

LISTEN: The 2019 assessment numbers have been released, and they show some of BC’s most expensive properties have lost value, while others are up.

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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. 

WATCH (aired Dec. 6): Some property values expected to drop in 2019 assessments

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.

WATCH (aired January 31, 2018): New battle over B.C. island paradise

Changes in the top 10

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)

© 2019 Global News, a division of Corus Entertainment Inc.

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