Chip Wilson wins appeal to lower Vancouver home assessment by $18M

Billionaire and Lululemon founder Chip Wilson has won an appeal that reduces the assessed value of his Vancouver waterfront mansion by more than $18 million. The B.C. Property Assessment Appeal Board ruled on May 28 that the 2025 assessed value of the Point Grey Road property should fall to $64.4 million from nearly $82.7 million. Wilson had argued that the home’s market value was lower than the original assessment and that the property should be valued based on what a buyer would pay on the open market. In its decision, the board said market behaviour cannot be ignored in assessing the property, including sensitivity to price at the high end of the market. The home, built in 2013, sits on a large waterfront lot with views of Burrard Inlet, English Bay and the North Shore mountains, along with features such as a pool, hot tub, tennis court and rooftop patio. The ruling also means a different Vancouver home on Belmont Avenue was the most highly valued residential property in British Columbia for 2025.