Former estate of Nickelback frontman is most expensive home in Abbotsford

Chad Kroeger’s old home was sold for $8.25 million in 2017, but assessed at $5.67 million last year

The former home of Nickelback frontman Chad Kroeger is the most valuable residential property in Abbotsford, according to BC Assessment.

The 20,000-square-foot house and 18-acre property – which comes with its own horse barn and indoor hockey rink – was assessed at $5.8 million last year. But it’s actual market value may be considerably higher, with the property changing hands in late 2017 for more than $8 million.

The estate, which Kroeger showed off in a 2005 episode of the MTV show Cribs, is located on North Burgess Avenue, in rural northern Abbotsford near the Fraser River.

Its assessed value increased by 35 per cent, meaning the new owner is likely to see his or her property tax bill – which was $21,626 in 2017 – go up considerably. That increased assessment is partially due to the property’s loss of farm status. But BC Assessment continues to value that home millions of dollars below the sale price of the estate.

According to BC Assessment, the house – which had been on the market for years – changed hands on Dec. 23, 2017 for $8.25 million. That sum is 45 per cent higher than its current assessed value.

Next door to the old Kroeger home, another of the city’s priciest residential properties changed hands last May for $4.2 million. Its assessment, though, came in at $3.1 million, about three-quarters of the sale price. The News also found that of the priciest homes currently up for sale in Abbotsford, most were listed at prices nearly double theiwr assessed values.

If estate homes were consistently undervalued by assessments, that would mean their owners were paying less taxes on each dollar of actual home value than average Abbotsford residents.

But assessment BC deputy assessor Brian Smith said he was confident that the assessments were not consistently undervaluing large estates in Abbotsford and thereby resulting in inadvertent tax breaks for the city’s wealthiest homeowners.

“With any of the high-end homes, you’re probably going to deal with a wider range,” he said. “They are not your standard typical house … but I would feel confident that when the actual property does sell, we will have an assessment that will be, on average, within our acceptable standards.”

An analysis by The News showed that recently sold estate homes were undervalued by Assessment BC – but not dramatically so.

The News looked at the the assessments and sale prices of 14 estate homes that sold last year for more than $1.5 million. The assessment values were – as a whole – 95 per cent the sale value of the properties.

A similar analysis of 19 average Abbotsford homes that sold for around $750,000 found their combined assessments to be 98 per cent of sale value.

The priciest commercial property in Abbotsford was HighStreet, which was valued at $227 million. Sevenoaks Shopping Centre was slightly less and valued at $210 million.

The single most valuable property in the city was Abbotsford Regional Hospital, which was valued at $338 million.

RELATED: Assessment jumps will hit Abbotsford condo and townhouse owners

RELATED: B.C. housing market shows signs of moderation: assessment agency


@ty_olsen
tolsen@abbynews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Plans for public boat launch to Sylvan Lake an eventual project

Lacombe County says they plan to work with surrounding municipalities on the project, eventually

Glass items no longer accepted in Sylvan Lake recycling program

The announcment was made Friday morning, caused by no market left for recycled glass

Sylvan Lake placed under severe thunderstorm warning

Environment Canada sent out the warning the afternoon of June 13

Walk for Common Ground sheds light on indigenous issues

Edmonton to Calgary walk includes 30 core walkers engaging communities along the way

PHOTO: Best of Sylvan gift card winner announced

The Sylvan Lake News ran a contest to find the Best of Sylvan one person drawn to win a gift card

10 facts about Father’s Day

Did you know that the special day for dads was first celebrated in 1910?

No business case for Trans Mountain expansion, says former environment minister

Cabinet is expected to announce its decision on the expansion of the Alberta-to-B.C. pipeline by Tuesday

Alberta Mountie found not guilty of dangerous driving causing pedestrian’s death

RCMP Const. Michelle Phillips also found not guilty of dangerous driving causing bodily harm

Three Albertans land ‘monster’ sturgeon in B.C.’s Fraser River

For angler who landed the exceptionally large sturgeon it was an ‘incredible dream come true’

Toronto Raptors and their diverse team celebrated worldwide

Team is made up of players from the U.S., Canada, Cameroon, the Republic of Congo, and Spain

Further murder charge laid after alleged targeted hits in two Alberta cities

Jimmy Truong, who is 27, has been charged with first-degree murder in the shooting of Louie Angelo Mojica

Pot edibles, topicals and extracts to hit shelves no earlier than mid-December: Ottawa

Health Canada wrapped its public consultation on the draft rules for cannabis products in February

We the North: Delirious fans celebrate as Raptors win NBA title

Supporters from all over Canada cheer Toronto’s triumph

Excited, anxious fans prepare for Raptors to play in Game 6 of the NBA Finals

The Raptors currently lead the Warriors 3-2 in the best-of-seven series

Most Read