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

Still months of investigation left into Penticton quadruple murders

Penticton came to a standstill on April 15, when John Brittain allegedly shot and killed four people

Busy season so far for Penticton Lawn Bowling Club

It has been a busy season for the Penticton Lawn Bowling Club,… Continue reading

Severe thunderstorm watch issued for Okanagan and Connector

Storms expected to develop this morning and intensify early in the afternoon

Update on South Okanagan-Similkameen national park reserve announced Tuesday

Environment and Climate Change minister Catherine McKenna will join others in Osoyoos

Chilliwack man charged in crash that killed Kelowna pregnant woman

Frank Tessman charged for 2018 Highway 1 accident where Kelowna elementary school teacher died

VIDEO: Driver doing laps in busy Vancouver intersections nets charges

Toyota Camry spotted doing laps in intersection, driving towards pedestrians

Kelowna’s homeless population doesn’t have much hope of finding a bed at a shelter

Central Okanagan Journey Home Society says 300 people waitlisted for supportive housing

Public tip leads to seizure of drugs and weapons in North Okanagan

Concerned citizen spots male sleeping in car in residential area

Former Vernon Judo coach pleads guilty to child pornography charges

Bryan Jeffrey McLachlan is set to return to court Sept. 4 for sentencing

B.C. Olympic skier sues Alpine Canada after coach’s sex offences

Bertrand Charest was convicted in 2017 on 37 charges

Action imperative on Missing and Murdered Indigenous Women and Girls

Chief commissioner into national inquiry encourages governments, private sector to act

Summerland applying for $60,000 grant for energy efficiency upgrades

Funding under Community Energy Leadership Program covers 33 per cent of project costs

COLUMN: Imagine the possibilities at the library

Programs at Summerland Library promote reading among children

Summerland Orca Swim Club holds fundraising events

Proceeds benefit swimmer with rare kidney disease

Most Read