The latest BC Assessment values are in, and the most valuable home in Vancouver saw a massive drop in assessed value.

That being said, it’s still the most valuable home in Vancouver and the entire province.

According to BC Assessment, the updated property assessments, which were just released, reflect market values as of July 1, 2025.

“The softening housing market is being reflected in 2026 property assessments,” said BC Assessment Assessor Bryan Murao in a release.

“Many homeowners throughout the Lower Mainland can expect some decreases in assessed value, with most changes ranging between -10% to 0%.”

3085 Point Grey Rd., which famously belongs to Chip Wilson, the founder of Lululemon, saw millions shaved off its assessed value.

Last year, Wilson’s Point Grey home was assessed at $82,664,000. Now? That value has dropped by over $9 million to $73,457,000. That’s an 11 per cent drop.

The value of the land has fallen more than the value of the buildings. Last year, the land at 3085 Point Grey Rd. was assessed at $50,065,000. The latest assessment has that figure down to $43,938,000. Last year, the buildings were valued at $32,599,000, which has dropped to $29,519,000.

Despite the substantial drop, Wilson’s home is still the most valuable in the entire province, but the gap between first and second is much smaller now.

The second-most valuable property in B.C. is 4707 Belmont Ave., which is now valued at $69,878,000. The previous assessment had about an $11 million gap between the two properties. Now there’s under $4 million separating the two properties.

The third most valuable property in B.C. isn’t a home, but James Island, and the acreage is worth $57,096,000.

BC Assessment says that the typical Vancouver property fell from $2,205,000 to $2,092,000, or five per cent. Of all Metro Vancouver cities, White Rock saw the most significant drop of 9 per cent in typical values.

Wilson has been in the news a lot over the last few months. Most recently, a brand Wilson was formerly attached to, Westbeach, saw the beginning stages of its re-launch.