Listen to this article
Estimated 4 minutes
The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.
Home values in B.C.’s Lower Mainland are decreasing, and pricey properties are not immune.
The province’s top 10 most expensive residential properties, including ritzy mansions replete with pools and tennis courts and a private island acreage with a golf course, all fell in value in this year’s list.
Most of those homes are located in the Lower Mainland: eight are in Vancouver, one on the West Vancouver waterfront, and one a private Gulf Island.
B.C. Assessment, the Crown corporation that appraises properties, announced the 2026 property assessments in a news release Friday.
The assessments reflect market values as of July 1, 2025.
Notices will be mailed to property owners, and members of the public can also look up assessments on the B.C. Assessment website.
Top 3 most expensive B.C. properties in 2025
1. The Kitsilano abode of Lululemon founder Chip Wilson at 3085 Point Grey Rd., which has topped the list of the province’s most valuable homes since 2014, was assessed at $73,457,000 for 2025.
The seven-bedroom, nine-bathroom home decreased in value by 11 per cent over last year’s $82,664,000 assessment.
Wilson’s waterfront home at 3085 Point Grey Rd. in Vancouver’s Kitsilano neighbourhood is valued at $73,457,000, according to B.C. Assessment. (Google Earth)
2. A 10-bedroom, 16-bathroom home at 4707 Belmont Ave. in Vancouver’s Point Grey neighbourhood has been valued at $69,878,000.
The home, overlooking Vancouver’s stunning Spanish Banks, decreased in value by 2.59 per cent.
B.C.’s second-most valuable home is this home near Spanish Banks in Vancouver. (Google Maps)
3. Assessed at $57,096,000, James Island, a 311-hectare private island about a kilometre east of the Saanich Peninsula, is the third most valuable property in the province.
Previous real estate estate listings for the island showed the property includes a Jack Nicklaus-designed golf course, white sand beaches and six cottages.
James Island in the Gulf of Georgia is again the third highest valued property in B.C. (Google Earth)
The acreage fell in value by 0.75 per cent — or $430,000.
B.C.’s three most valuable properties have remained unchanged in ranking since at least 2017.
Top values outside of the Lower Mainland
Aside from James Island, the top valued property outside of the Lower Mainland was an acreage in Nanoose Bay on Vancouver Island, about 20 kilometres northwest of Nanaimo. 1365 Dorcas Point Rd. was valued at $20,573,000, making it the 75th most expensive home in all of B.C.
The most expensive property in B.C.’s North was a $4,703,000 acreage at 6653 Lakeshore Dr. in the Peace River region, about 220 kilometres northeast of Prince George.
And in the Southern Interior, the priciest property was a single-family home valued at $14,771,000 in the District of Lake Country at 12990 Pixton Rd. It ranked No. 239 on B.C.’s list of 500 top valued homes.
The Lake Country property at 12990 Pixton Rd. was the most expensive property in B.C.’s Southern Interior in 2025, according to B.C. Assessment. (Google Earth)
Values decrease in Lower Mainland, vary elsewhere
B.C. Assessment said many homeowners in the Lower Mainland can expect some decreases in assessed value, ranging between -10 per cent to zero per cent, according to assessor Bryan Murao.
There are fewer changes and flatter values on Vancouver Island and in the Southern Interior, from -5 per cent to +5 per cent, while assessments in the North and the Kootenays can vary from -5 per cent to +15 per cent, Murao said in the release.
B.C. Assessment appraised more than 2.2 million homes in 2025, about a one per cent increase from 2025, with the value totalling $2.75 trillion, a decrease of almost 2.5 per cent from last year.
WATCH | Historic low for home sales in Greater Vancouver:
Greater Vancouver home sales drop to 25-year low
B.C. Real Estate Association chief economist Brendon Ogmundson tells CBC’s Stephen Quinn that there will be a 16 per cent drop in house sales in 2025 in the Greater Vancouver area, compared to 2024, and that while most markets in Canada and B.C. have recovered from the impacts of U.S. tariffs, it hasn’t yet happened in Vancouver.
Hasan Juma, a real estate agent with Oakwyn Realty, said in an interview that he had spoken to a number of homeowners already who were experiencing sticker shock, having seen their assessed value decrease.
He said the drop in average values in the Lower Mainland was expected among those in the real estate world, given analysts have said for months that it is a buyer’s market.
“It’s possible the gap gets larger between what a buyer is willing to pay and, you know, what a seller is willing to accept,” Juma said.
WATCH | Metro Vancouver could be a housing buyer’s market:
Metro Vancouver housing market looking good for buyers: analyst
A recent advertisement from a Surrey real estate agent which touted a 25 per cent discount on a housing unit highlights how buyers have an advantage in the current Metro Vancouver housing market. Mark Ting, a partner with Foundation Wealth and On The Coast’s personal finance columnist, says that the trend of housing prices going down may be sustained.
