It appears nothing can keep the West Coast real estate market down.
The average value of a home in the City of Vancouver jumped nearly 10% as the total assessment roll rose from $254 billion in 2014 to $280 billion this year, according to data released January 2 by B.C. Assessment.
The most expensive house in the city belongs to Lululemon (Nasdaq:LULU) founder Chip Wilson. His waterfront mansion in Kitsilano was valued at $57.6 million.
Three neighbours living along Belmont Avenue in Point Grey own the next most expensive homes in the city. Those properties were valued at $50.1 million, $31.4 million and $28.1 million.
A mansion built on the University Endowment Lands overlooking downtown Vancouver was valued just behind the Point Grey residences at $27.8 million.
Back in Vancouver, a Shaughnessy home built in 1912 was valued at $27.4 million.
Those who live more modest lifestyles saw average property values go up.
Last year, an average west side single-family home on a 33’ lot was valued at $1.464 million. This year, the value climbed 7.6% to $1.575 million.
The same type of property in the city’s east side is valued at $993,000 in 2015 compared with $892,000 in 2014 — an 11.3% hike.
“Where we saw single-family homes increase, strata residential property owners will see basically a stable market place for a third year in a row,” B.C. deputy assessor Dharmesh Sisodraker told Business In Vancouver.
The average two-bedroom downtown apartment went up in value just 1.8%, from $543,000 in 2014 to $553,000 in 2015.
A two-bedroom apartment in the city’s west side went up in value 7.2% from $573,000 to $616,000.
In the east side, the same type of property went up just 4.5% from $364,000 to $381,000.
But throughout the entire Vancouver Sea-to-Sky region, the most highly valued single-family homes were in the district of West Vancouver's Waterfront neighbourhood, where the average value was $3.542 million. That’s a climb of 3.7%, when the value was $3,413,000 in 2014.
