The Vancouver mansion of Lululemon founder Chip Wilson is now worth over $74M, making it the most valuable residential property in British Columbia.

Located at 3085 Point Grey Road in the city's Kitsilano neighbourhood, the BC Assessment valued Wilson's estate at a staggering $74,089,000 -- $28,507,000 for the custom home itself, and another $45,582,000 for the land on which it sits.

The home's value increased by $942,000 over last year's assessment of $73,147,000, but remains below its 2018 peak of $78,837,000. The province's second most-valuable home, 4707 Belmont Avenue, was valued at $66,964,000.

Constructed by the business mogul in 2008, the two-storey abode boasts seven bedrooms and nine bathrooms across more than 15,000 sq. ft of living space. The waterfront property also features an outdoor pool and a tennis court.

In the coming days, Wilson and the owners of more than 1,089,000 properties across BC's Lower Mainland will receive their 2023 assessment notices, which reflect market values as of July 1, 2022.

"Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher around July 1, 2022 compared to the previous year," BC Assessment Assessor Bryan Murao said in a release.

"For both single-family homes and condos in Greater Vancouver, most homeowners can expect about a 9% rise in values whereas the Fraser Valley will be a bit higher at about 10% for houses and 15% for condos and townhomes."

According to recent data from the Real Estate Board of Greater Vancouver, the benchmark price for single detached homes in Metro Vancouver fell to $1,856,800 in November 2022, a 1.9% decline from a month prior and a 1.7% drop year-over-year. Residential sales were down 52.9% on an annual basis in November.