Yet another rate hike from the Bank of Canada this week has added to the pressure on anyone seeking credit, but it’s still not enough to slow demand for land. Canada’s central bank, which sets monetary policy for the country, raised its key policy rate to 5% on July 12, warning that further increases may …
land values
Farmland values face headwinds
BC farmland values rose 5.4% in 2019, according to Farm Credit Canada’s annual survey released this week. This compared to a 6.1% increase in 2018, and was slightly ahead of the national average of 5.2%. The highest average per-acre value in the province last year was recorded in the Okanagan, at $103,288 as buyers purchased …
Abbotsford dairy tops farm sales
The top farm property sale in BC last year was Lilac Ridge, a dairy farm at 940 Cole Road in Abbotsford. The transaction was valued at $9 million, according to BC Assessment Authority, which released the 2020 assessment roll this month. The top five farm property transactions in BC last year all took place in …
City Beet harvests profits from urban gardens
VANCOUVER—It’s a sunny afternoon in the Lower Mainland as Maddy Clerk and Elana Evans of City Beet Farm harvest tomatoes for the weekly produce boxes they’re assembling for delivery the following day. The two run a successful community-supported agriculture (CSA) program, and there’s enough produce for them to also participate in a biweekly market and …
Kelowna endorses intergenerational farmhouse
A development application in Kelowna will challenge provincial regulations governing residential development within the Agricultural Land Reserve. Kelowna council endorsed an application by the Baring family this week to build a home totalling 695 square metres (7,481 square feet) north of downtown near Kelowna International Airport. But the province adopted a new regulation in February …
Land values slow down
BC farmland values are not rising as fast as they did last year, according to Farm Credit Canada. A review of transactions this year to date indicates that values have increased just 2.7% since last year. This spring, FCC reported that farmland values increased 6.7% in 2018 versus 2017. Double-digit increases were seen on Vancouver …