Provincial property transfer data indicates that sales of BC farm properties fell 11% in the first six months of the versus a year earlier.
A total of 632 properties changed hands, with the Peace region being the most active. Northeastern BC saw 116 properties change hands during the first half of the year, or 18% of the provincial total for the period.
The Fraser Valley and Metro Vancouver were the second and third most active regions, with 77 and 70 deals, respectively.
While transaction activity cooled following the onset of the COVID-19 pandemic in March, sales picked up in July. The province logged 156 deals for the month, led by sales in the Cariboo, Fraser Valley and Thompson-Nicola regions.
While many brokers have reported growing interest from urban buyers this year, many of the properties on offer are working ranches. Among the most recent listings is the O’Keefe rangelands in Vernon, a 2,310-acre offering historically used for summer grazing. Much of it sits outside the Agricultural Land Reserve. While approximately 315 acres is slated for residential development, listing information from Colliers International indicates the majority is a long-term hold. The asking price is $28.8 million.
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