Dig the Dirt Around Town
Farm Credit Canada’s annual farmland values report at the beginning of May indicates moderate to strong demand in most of B.C. for farmland in 2018. The activity helped boost the value of the benchmark farm property by 6.7 per cent, in line with the national average of 6.6 per cent. This was the sixth straight year farmland values in B.C. increased.
The strongest demand was in the Okanagan as well as the Cariboo-Chilcotin, while the biggest leap in price was on Vancouver Island.
“Farm expansion continued to be the main driver of the province’s farmland market, while urban and investor demand was less of an influence than in previous years,” the report stated.
Properties in the Lower Mainland ranked as the most expensive in Canada last year, with deals maxing out at $218,000 an acre. The average price in the South Coast region was $94,657 per acre, up 6 per cent from 2017.
On Vancouver Island, the benchmark property increased by 21.7 per cent. Properties ranged from $21,500 to $79,300 per acre, with the average being $50,858 per acre.
Excerpt from Western Investor
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