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

Ktunaxa Nation holds first language summit since 2011

The language summit coincides with the youth’s, allowing for trans-generational transfer of knowledge

Ktunaxa Nation holds Ahead of the Game 2.0 youth summit

Youth summit coincides with language summit

It happened this week in Cranbrook: 1912

March 17 - 23: Compiled by Dave Humphrey from the newspapers at the Cranbrook History Centre and Archives

Quilters re-invent Peak Freak T-shirts

Submitted A collaboration with the Cranbrook Quilters Guild (CQG) has resulted in… Continue reading

Curator of Cranbrook’s historical heart

Honor Neve takes helm of Cranbrook History Centre’s collections

Protective human chain forms around Victoria mosque for Friday prayer

Islanders stand arm-in-arm to show support in aftermath of New Zealand shootings

‘Earth, where does it hurt?’

Rev. Yme Woensdregt It has been a terrible time for the world… Continue reading

Hugs and Slugs

Hugs: To Sylvia and also to the nice man who waited for… Continue reading

‘Families torn apart:’ Truck driver in fatal Broncos crash gets 8-year sentence

Judge Inez Cardinal told court in Melfort, Sask., that Sidhu’s remorse and guilty plea were mitigating factors

Boy who went missing from park remains largest probe in Victoria police history

The four-year old Victoria boy went missing without a trace on March 24, 1991

WestJet sticking with Boeing 737 Max once planes certified to fly

WestJet had expected to add two more of the planes this year to increase its fleet to 13

B.C. driver caught going 207 km/h on motorcycle along Okanagan Highway

A motorcyclist was caught by Kelowna RCMP going 207 km/h on Highway 97C

Protective human chain forms around B.C. mosque for Friday prayer

Vancouver Islanders stand arm-in-arm to show support in aftermath of New Zealand shootings

B.C. fire department offers tips to keep your home safe during wildfire season

With wildfire season getting closer, the Penticton Fire Dept. offer tips to keep your home safe

Most Read