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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

PQBeat Podcast: Qualicum Beach Museum manager Netanja Waddell

Listen: Podcast talk includes history, fossils, new exhibits and more

PQB crime report: Thieves target vehicles, businesses throughout region

Oceanside RCMP receive 230 complaints in one-week span

Parksville to host special town hall event on community safety

‘Public safety is an important priority for council’

Fire torches large portable bathroom in Qualicum Beach

RCMP: ‘Senseless act has left taxpayers on the hook for the significant damages’

City of Parksville offers information about coronavirus

Says chances of getting COVID-19 locally are currently low

Toddler killed in Squamish grocery store parking lot

Child’s mother taken to hospital but her condition is not known

Two law enforcement trucks ‘deliberately’ set on fire in northern B.C., RCMP say

Police say they have video evidence of a person in the area of the truck fires

B.C. mother, daughter return home after coronavirus quarantine in Asia

Jensine Morabito and her daughter were on Holland America’s Westerdam but did not catch the virus

Leap Year means we get an extra day in February, so how are you spending it?

People online have a number of suggestions and plans on how they will be spending Saturday

Greta sticker that drew outrage in Alberta not child pornography: RCMP

X-Site Energy Services has denied having anything to do with the stickers

Bald eagle hit by train in northern B.C. has a chance of survival

The raptor has been taken to OWL in the Lower Mainland for recovery

Cheslatta Carrier Nation and Rio Tinto sign a historic agreement

Co-operation crucial to stem dropping Nechako Reservoir level

Hundreds of B.C. firefighters ‘climb the wall’ for BC Lung Association

The charity fundraiser saw participants climbing up 48 storeys

Most Read