Vancouver’s rich are getting richer
New figures show the extent of price increases for Vancouver’s highest-value properties, the top 1 per cent. Using data from Crown valuation corporation BC Assessment, the top 1 per cent now means a home above $5,586,000. In the five years from 2008 to 2013 there was a 65.4 per cent price increase, and there has been a similar growth in prices of those in the top 5 per cent in the city. Although these increases occurred through the financial crisis there seems to be no shortage of high-end buyers, especially from other provinces and abroad. The latest assessments show the most expensive home in Vancouver is the waterfront mansion owned by athletic clothing magnate Chip Wilson which is worth a staggering $54.2 million, up from $34.2 million when it was being built.