Farmland prices on the rise in BC, especially in the North

A new report from Re/Max says BC farmland prices are on a significant rise.

Re/Max owner Trevor Bolin says the Peace River North is seeing a 10% increase in price for agricultural land, the highest jump in the province, this year.

“If you look at the amount of projects we have going on around Fort Saint John, whether it’s Site C, or LNG, or pipelines,it always lends a lot more to it than what meets the eye,” he says. “People moving to the area, boundary expansions happening, it really starts to weigh in as to what’s happening here, versus everywhere else.”

Bolin predicts farmland value in Fort Saint John could skyrocket even more in the near future.

“As that occurs and farmland becomes farther and farther out, I think you’re going to see that grow, because there has to be that breaking point where they’re willing to drive, or they’re not willing to drive,” he says. “As cities grow, that’s what’s going to be changing it.”

Their report says one of the reasons behind the increase is because many farm owners are selling their land and retiring.

That’s not surprising to Bolin

“I think a lot of times, the kids don’t want to take over the old family farm, so people are putting them up for sale and they’re being bought more as a hobby farm,” he says.