The official valuation of a 19,000-square-foot mansion in one of Vancouver's priciest suburbs has been slashed by more than $4 million after the owner argued prices have slumped due to the foreign buyer's tax and other policies.
The British Columbia Property Assessment Appeal Board on Thursday reduced the value of the Shaughnessy mansion to $20 million after the appeal over sagging sale prices in the city's luxury market.
The board's decision on the property at 1498 Angus Dr. includes a table of sales provided by the home's owner, the Onni Group of Companies, suggesting comparable properties had sold at deep discounts of up to 50 per cent off the original listing prices.
The decision says Onni claimed its property was only worth $17.5 million, despite a $24-million assessment this year, due to the luxury market being hit by "new financial and tax disclosures" including the foreign buyers tax, the luxury federal real estate tax, the vacant homes tax and B.C.'s speculation and vacancy tax.
The assessor countered with sales examples they said suggested the luxury market had been stable for the past few years.
The board's review panel says it landed on a $20-million market value, which is used to calculate property taxes, after considering comparable sales, the property's size and age, and its improvements and amenities.
The two-storey home includes outdoor and indoor swimming pools and a tennis court.
Picture Courtesy: THE CANADIAN PRESS/Darryl Dyck
