60/ SEPTEMBER 2012 THE RIDER Death of Ontario Racing Affects Horse Farm Values?? By Teri Davidson.


Caught your attention with that headline but unfortunately your guess is as good as mine. To quote a recent article in


the Hamilton Spectator...... “The Slots at Racetracks Program ended when in March the Ontario government announced its cancellation of the revenue-sharing pact at 17 provincial tracks. The govern- ment indicated horse racing industry’s share of slot revenue, which was $345 million in 2011-2012, would be directed to other areas such as health care and education.


Soon after the announce- ment, the Ontario Lottery and Gaming Corporation closed slot facilities at racetracks in Fort


Erie, Windsor and Sarnia. The report for McMeekin noted these three tracks would contin- ue to receive some slots funding until March 31, 2013. The remaining 14 tracks slots’ agreements end March 31 too.” There have been many articles and lots of editorials and spin off stories relating to this government announcement and may people affected if there job entails working in any capacity with the race industry. There’s also been talk of what will hap- pen to the many horses who have been bred prior to the


announcement and are just now going up for auction at the tradi- tional fall sales as weanlings. Woodbine has 387 thor- oughbred babies being sold over the next three days and it remains to be seen how those sale prices have been affected by the threat to the race business. I do have concerns about horse values and homes for unwanted race horses.


Sept 15/16 at Flamboro Downs in Dundas. These breeders are worried as well that prices will have dropped drastically. Breed- ers look to recoup large fees in stud payments as well as profit on their crop of weanlings which is how they derive their years income and keep their farms viable.


Standardbred sales start on


those features of the facility. However if there is workable land , barns that can be adapted for other uses such as workshops, storage or even equine boarding barns then there will still be buyers who are interested in pur- chasing.


I haven’t read anything about equine farm prices and what will happen to them in any articles in my local newspapers but I have had several potential buyers call to ask if I have any listed and how much they are going to fall in value now that the government has indicated it will be terminating the lucrative revenue sharing program with racetracks.


So far I am not seeing farms being offered for sale, no drop in price and things are stay- ing level with values.


If a farm is “use specific” in that it is set up strictly for race horses with the track, exercise equipment, therapy pools etc , we may see a drop in value for them as the monies spent for all of these features will not be real- ized if the buyer has no use for


Supply and demand are the two factors which affect value and there will always be buyers for farms and rural properties and because land is something we can’t repro- duce there will never be an abundance of farms or land for sale. Land values have always been the best invest- ment, the fastest value increasing properties statisti- cally speaking and with the gov- ernments other initiative program “The Greenbelt Legislation” which prohibits land severances and works to keep agricultural lands free from development, available farms for purchase will remain in low supply.


The improvement monies spent on the items I mentioned in earlier comments may be the only monies not as readily real- ized back in sale prices but the rising land value prices and lack of supply may offset those expenditures in a few short years regardless of the racing indus- try’s woes.


Another point to consider though is the income of the potential buyers. In effect, if the majority of our farm purchasers are people deriving personal income from some aspect of the race industry there may be fur- ther buyers having the financial


17.58 acre horse/hobby farm. 4 stalls, insulated tack room, lots of pastures. 3+2 bedroom bungalow. Pool. 30 min commute to Waterloo


ability to secure mortgages or make payments on farm equip- ment. For example farriers, equine veterinarians, hay produc- ers, groomers, etc. these are all people who derive an income associated to the horse industry and who may not be able to afford a farm purchase with their careers in jeopardy. According to media reports which I’ve read, over 60,000 jobs will be lost or affected if the government goes through with their plan of action. The race related industry is still on shakey ground but we haven’t given up hope yet that our officials in government will see how devastating the loss of the racing industry as we know it will be on horse related income . Very few people in the race industry have grown enormously rich off their horse related labours but instead have been able to maintain a simple lifestyle and fulfill their pas- sion for working and living with one of God’s most beauti- ful creatures...the horse.


NICOLE CULLING


Kempston and Werth Realty Ltd. 188 Wallace Ave N. Listowel, ON Ph: 519-418-4663 • Cell: 519-580-5224


Teri Davidson is Broker /Owner of Brantfords largest Independent Real Estate Bro- kerages , Associate Realty Brantford Inc. Teri has been a licensed realtor for 36 years. She and her family also own and operate “White House Farms” in Ancaster , Ont. where they breed and ride Reg- istered AQHA and APHA horses.


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