Farmland prices in Metro Vancouver range from $150,000 to $350,000 per acre for parcels less than five acres. The financial viability of many farm businesses in B.C. becomes questionable when land prices reach $80,000 per acre, according to Farm Credit Canada.
The report highlights that The significant non-farmer ownership of agricultural land raises concerns it is being purchased on speculation for future estate homes, development or other non-agricultural uses.
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The price of agricultural land being sold for estate building and speculation, is threatening Canada’s food security. That’s according to a report by Vancity credit union which warns that local farming is becoming less viable due to land prices.