A luxurious mansion in one of Vancouver’s high-end neighborhoods saw a significant decrease in its official valuation, dropping by over $4 million. The owner successfully argued that market prices had dipped due to policies like the foreign buyer’s tax. The British Columbia Property Assessment Appeal Board recently lowered the value of the Shaughnessy mansion to $20 million, citing declining sale prices in the city’s upscale real estate market.
The Onni Group of Companies, the home’s owner, presented a comparison of property sales data to support their claim of reduced value, indicating that similar properties were selling at discounts of up to 50% below their original list prices. Despite being assessed at $24 million, Onni argued that the mansion’s true value was only $17.5 million, attributing the decline to various financial and tax regulations affecting the luxury real estate sector.
While the assessor argued that the luxury market had remained steady in recent years, the board ultimately settled on a $20 million market value for the property, which will determine its property tax assessment. Factors considered included comparable sales, the mansion’s size, age, and amenities. Noteworthy features of the two-story mansion include both indoor and outdoor swimming pools, as well as a tennis court.