Assessed value of Chip Wilson's Vancouver mansion falls $8.2 million in one year and $14 million over two years

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      One of the city's wealthiest men appears to be a little bit more house-poor.

      That's because B.C. Assessment has valued lululemon athletica founder Chip Wilson's Point Grey Road mansion at $64,946,000.

      That's down from $73.1 million last year and $78.8 million in the previous year.

      The two-storey, custom-built 16,000-square foot house has seven bedrooms and nine bathrooms.

      It's seen a drop in assessed value of nearly $14 million in two years, reflecting an overall decline in the value of luxury homes in Vancouver.

      According to B.C. Assessment, properties on the University Endowment Lands and West Vancouver are down by 16 percent. In Richmond, the drop was around 14 percent.

      Generally speaking, the changes have not been as dramatic with more moderately priced homes in the region.

      In part, that's because they haven't been affected by a provincial surtax on residences valued at more than $3 million.

      “We are encouraged by signs that property values are continuing to stabilize, giving more certainty for those investing in multifamily buildings, more stability for current homeowners and improved opportunity for those entering the market," Municipal Affairs and Housing Minister Selina Robinson said in a statement. “As we move into the next decade, we will continue our work to stabilize the market and support investment in new housing supply, while we ensure that more families and businesses are able to be part of our economic success.”

      Municipal Affairs and Housing Minister Selina Robinson says she's encouraged that property values are "continuing to stabilize".

      More than two million properties were evaluated as part of the 2020 assessment in B.C. The total value of real estate is $1.94 trillion.

      Residential single detached homes and strata units in Greater Vancouver areas of the Lower Mainland fell from 15 percent to zero percent, according to B.C. Assessment.

      Commercial property assessments in this region showed greater variability, falling by up to 15 percent and rising by up to 20 percent.

      The range for industrial properties was between a drop of five percent and a rise of 20 percent.