When is a lot not a lot?

Land is worth exactly how much someone is willing to pay for it, but in the city of Whitehorse in the Yukon that may not be the case.

The sale of a 178 square-metre parking lot by the city to the owner of an apartment building, which currently uses the lot, is coming under criticism by city council due to the purchase price of $16,500.

“The thing that caught me off guard was the price,” councilor John Streicker told CBC News. “How did we arrive at ($16,500) for roughly one-third of a lot?”

Pat Ross, planning manager for the city, told council the property was priced by the only independent appraiser in Whitehorse.

He says the price is fair market value because the property is too small to be developed.

The city could also decide to lease the land to the apartment owner or require the owner to remove the improvements, including asphalt paving and power plugs.

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:
Melrose, Florenceville-Bristol, Thorold, Bangor, Fort Vermilion

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Poll

Have your investment plans changed for 2017?