Canadian farm sells for over 100 times its assessed value

Nov 30, 2017

Some locals concerned about how the land will be used

Staff Reporter

Farms.com

Earlier this year, when Michael and Don Drozdowski decided to retire from farming, they had their property assessed. The eight-hectare portion of land in Richmond, B.C. was valued at $84,264, according to Tuesday’s CBC News article.

Then, in June, Layla Yang, the Drozdowski’s real estate agent, publicly announced a corporation bought the property.

The selling price? $9.2 million.

While this exchange may seem exciting to some people, others are not quite as pleased.

"Nobody is buying that land to farm it. If you pay that kind of money you are not a farmer," Harold Steves, a councillor for the city of Richmond, told CBC.

Locals are concerned that the prime agricultural land will be used for residential development.

"Agricultural land is precious. The delta region is some of the most wonderful soil to grow on that you'll find in Canada. So, when we start to turn this (land) into condos or use it for speculation, it creates an issue," Andrew Weaver, leader of the Green Party in B.C., said in the article.

Steves, who farms in West Richmond, agrees.

These buyers “are looking at developing huge mansions they couldn’t build elsewhere (because) farmland is cheap,” he said in an article on the Breaker.news on Monday.

The corporate buyer, Jia Xin Da Investment Management Co. Ltd., took ownership of the property on Oct. 30.

Photo: Devon Yu / iStock / Getty Images Plus

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