The Abbotsford News has examined BC assessment numbers for a number of notable commercial properties and both Woody’s RV World and the Abbotsford Centre both experienced significant increases in assessed values.
Woody’s RV World, located at 31708 Marshall Rd., saw its assessment value increase over 36 per cent year-over-year from $34.11 million in 2022 to $46.479 million in 2023.
The land value nearly doubled from $20.89 million in 2022 to $31.39 million in 2023.
The Alberta-based company opened its Abbotsford location – the first of its kind in B.C. – in the summer of 2021.
The land that Woody’s is located on was conditionally excluded from the Agricultural Land Reserve more than a decade ago, and the developer was required to pay just shy of $200,000 into the city’s Agricultural Trust prior to construction.
Woody’s initial proposal in 2019 elicited no opposition at a public hearing, and council unanimously voted in favour of rezoning of the property.
The Abbotsford Centre experienced an over 19 per cent assessment value increase, jumping up to $71.62 million from $60.11 million in 2022. The building’s assessed value saw a rise of almost $10 million from $48.36 million in 2022 to $58.11 in 2023.
The Aquilini Investment Group began a five-year contract to manage the AC on Jan. 1, 2022.
Both the University of the Fraser Valley and Sevenoaks Shopping Centre both had multi-million dollar increases in assessed value. UFV’s value of land and buildings went from $131.77 million in 2022 to $137.62 million in 2023. Both the land and building value for UFV increased by around $3 million.
Sevenoaks saw a similar increase from $178.3 million in 2022 to $183.36 million in 2023. The land value went up close to $10 millon for the mall, while the building dropped in value by over $3 million.
The former Finnegan’s Pub and Phoenix Ballroom – which UFV purchased in 2018 and is now known as Building K – experienced a significant assessment increase from $2.08 million in 2022 to $2.96 million in 2023.
Another significant increase was the Gescan facility on 3311 Mount Lehman Road. The assessment went up over 44 per cent from $27.51 million in 2022 to $39.62 million in 2023.
The facility opened to the public on Aug. 9. 2021 and is a 20,000 square foot facility with 35-foot ceilings. They are electrical supply company serving OEM, industrial, commercial, MRO and residential markets. They also offer electrical wire, home automation, wire connectors, commercial lighting, smart home devices, ballasts, lighting, and other electrical supplies.
The lone property that The News observed to have lost assessed value was Highstreet Shopping Centre.
Highstreet fell to $175.71 million this year from a previous value of $179.78 in 2022. The land value actually went up close to $5 million but building value decreased by nearly $10 million.
Other notable assessment values included:
- Castle Fun Park: $16.31 million (increase of $1.3 million)
- Sandman Hotel Abbotsford Airport: $17.31 million (+$1.3 million)
- Clarion Hotel and Conference Centre: $9.58 million (+$600,000)
- Abbotsford Christian Middle and Secondary School: $17.08 million (+$2.1 million)
- EMCO Building: $25.13 million (+$3.68 million)
- McCallum Tower: $14.18 million (+$2.21 million)
- Dasmesh Punjabi School: $22.71 million (+$4.23 million)
- Costco: $32.92 million (+$205,000)
- Ledgeview Golf and Country Club: $8.77 million (+$1.16 million)
- Auguston Traditional Elementary: $14.11 million (+$1.27 million)
- Cascade Aerospace: $47.87 million (+4.5 million)
- The Rinks at Summit Centre: $18.59 million (+5.8 million)
For more information, visit bcassessment.ca.