Billionaire and Lululemon Athletica founder Chip Wilson has won a legal challenge to lower the assessed value of his Vancouver waterfront mansion – long listed as the most expensive home in British Columbia – by more than $18 million. The B.C. Property Assessment Appeal Board issued a decision dated May 28 ordering BC Assessment to lower the 2025 assessed value of Wilson’s home on Point Grey Road to $64.4 million from nearly $82.7 million. The decision says that Wilson had originally said the home’s market
value in July 2024 was estimated at about $55 million. The 1,460-square-metre home built in 2013 is on a lot double that size, with 57 metres of waterfront, an outdoor swimming pool, a hot tub, tennis court, rooftop patio and “unobstructed views of Burrard Inlet, English Bay, and the North Shore mountains.” Wilson’s appeal says BC Assessment put the value for his home too high, arguing the assessor relied on the cost of construction, while not considering what a buyer would be willing to pay
on the open market. The assessor said the value was based on the amount of waterfront, but the board found that market conditions cannot be ignored in an assessment. “While the Subject (property) may have a higher value than all the other sales due to its notable property size combined with its waterfront location in Vancouver, there is no reason to ignore market behaviour, including price point sensitivity,” says the decision, written by board panel chair Audrey A. Suttorp. “There is support for the underlying
land value which ultimately provides support for my value conclusion,” Suttorp concludes in reaching the $64.4 million in value. Wilson’s home has long been listed by BC Assessment as the most expensive in B.C., but the board’s decision now means a home on Vancouver’s Belmont Avenue is likely the priciest, with a 2026 valuation of more than $69.8 million.
Chip Wilson, Lululemon, Vancouver, BC Assessment, Property Assessment Appeal Board, Point Grey Road, waterfront mansion, assessed value, Audrey A. Suttorp, Burrard Inlet, English Bay, North Shore mountains
So they just lower it because he asked? Sounds like loopholes again.
Wait I thought assessed value was automatically based on like construction cost? But apparently they say market behavior matters… okay. Either way $18 million off is insane.
Belmont Avenue is probably gonna be number one again? I don’t even live there but it’s funny how these rich guys basically play Monopoly with property taxes. Also 1,460 square meters sounds fake big, like 1000 square feet isn’t it.
Man, “unobstructed views” and a pool like that should just be taxed into the ground. But they say market conditions can’t be ignored… isn’t that what rich people do anyway by buying it and calling it “market”? I’m confused how they can say it’s worth $64.4m when he said $55m. Either way seems like BC Assessment messed up and he got rewarded.