If you’re into looking at outrageously expensive real estate from time to time, this is for you. On the first business day of every year, the British Columbia Assessment Authority releases new regional property assessments, along with an interactive map showcasing the highest-valued homes across the province.
On January 3rd, the BC Assessment Maps came out with the latest available property values for 2023. And wouldn’t you know it, all but one of the top ten most expensive properties are located right here in Vancouver.
Keep in mind that the map reveals only the assessment values – the actual sale value could be higher or lower depending on the property.
For this Top 500 Valued Residential Properties map, the assessment info is based on the July 1, 2022 valuation date (the map is updated quarterly).
Top ten most expensive properties in BC
The #1 spot is once again claimed by Chip Wilson’s Kitsilano mansion at 3085 Point Grey Road, which is valued at a whopping $74,089,000 CAD. The homes at 4707 and 4743 Belmont Avenue follow, claiming the #2 and #4 spots and valued at $66,964,000 and $42,257,000 respectively.
The only property in the top ten located outside of Vancouver is not actually a home at all – but rather an island. Coming in at #3 is James Island, a 790-acre private island valued at $61,239,000.
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The map shows that the most expensive homes in the province are clustered in West Point Grey and Kitsilano, UBC, Shaughnessy, along South West Marine Drive, and in West Vancouver.
And beyond that, there are properties in the top 500 scattered among Whistler and the Gulf Islands, and a few in between.
2023 trends
In the Lower Mainland, the overall total assessments have reportedly increased from $1.75 trillion in 2022 to over $1.94 trillion this year. According to the assessments, almost $23 billion of the region’s updated assessments is from new construction, subdivisions, and rezoning of properties.
“Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher around July 1, 2022 compared to the previous year,” says BC Assessment Assessor Bryan Murao. “For both single-family homes and condos in Greater Vancouver, most homeowners can expect about a 9% rise in values whereas the Fraser Valley will be a bit higher at about 10% for houses and 15% for condos and townhomes.”
Murao adds that the majority of commercial and industrial properties will follow suit with a 5% to 20% rise in values this year.
You can view a detailed breakdown of the 2022 and 2023 assessed value changes for each community throughout the region.
