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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Grande Pointe, Beaconsfield, Bighorn No. 8, Municipal District of, Farmington, Wentworth Creek
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.