Lululemon founder Chip Wilson’s $63.8M house most valuable in B.C.
B.C. Assessment released its 2016 property assessment roll. Lululemon founder and Kit and Ace investor Chip Wilson’s Kitsilano home tops the list.
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Billionaire Lululemon founder Chip Wilson’s oceanfront Vancouver mansion is once again the most prized home in British Columbia with a whopping value of $63.87 million – more than $10 million more than a private Gulf Island that comes complete with an 18-hole golf course.
The Point Grey Road fortress built by the entrepreneur famous for selling $100 yoga pants (he now invests in his family’s company Kit and Ace, which sells $100 T-shirts) was once again named the most valuable residential property in B.C.’s ever-growing $1.34-trillion real estate market, according to B.C. Assessment’s 2016 property assessment roll released Monday.
Even though Wilson’s home jumped by more than 10 per cent from its 2015 assessment of $57.5 million, its value increased less than most single-family homes in Metro Vancouver’s relentless real estate market. The typical detached home rose by “15 to 30 per cent, and climbing,” according to B.C. Assessment. (Values of strata units increased by a “relatively modest” 10 per cent.)
Last month, the assessment agency warned more than 22,000 Greater Vancouver area homeowners to prepare for dramatic spikes to their property values compared to neighbourhood averages.
The entire value of the province’s real estate market rose by 11.1 per cent from 2015, according to the assessment role. Property taxes are based on these assessments (rates depend on how much a house is worth compared to its neighbours), so rising values help fill government coffers.
The increase comes as unaffordability remains the top issue for Metro Vancouverites. There has been little political action to implement tools to cool the market. Both B.C. Premier Christy Clark and Prime Minister Justin Trudeau have expressed concerns about hurting property values.
All but one of B.C.’s Top 10 most valuable homes are in Vancouver. Five sit on the exclusive Belmont Avenue, two (including Wilson’s) are on Point Grey Road, one is on The Crescent and one is on Newton Wynd (which is technically on University Endowment Lands).
The third most valuable property in B.C. is a Gulf Island near Sidney, B.C. called James Island. The entire 780-acre island, including the 5,000-square-foot mansion, is valued at $51,621,000. It features an 18-hole Jack Nicklaus Signature golf course, an all-weather harbour, a private airstrip and an outdoor pizza oven.
Its Seattle-based billionaire owner Craig McCaw tried to sell the island for $75 million in 2014, but the listing has since expired.