FEBRUARY 2020 • COUNTRY LIFE IN BC


Peace, Cariboo top 2019 farm


and ranch sales Assessed values remain largely unchanged on 2020 roll


by PETER MITHAM DAWSON CREEK – Year-end


property transfer data from the BC Ministry of Finance shows that northern BC remained the most active area of the province for farm sales last year.


A total of 1,433 farm


properties changed hands in 2019, down 7% from the previous year. The largest number of sales took place in the Peace, which recorded 233 transactions. This was down 11% from 2018. The Fraser Valley ranked second with a total of 162 transactions, down 25% from a year earlier, followed by the Cariboo with 133 transactions, a 12% increase from 2018. The biggest surge in


transactions was in Nanaimo, which saw volumes increase 520% to 31. Despite the low volume, the upswing was notable given that sales in the Capital and Cowichan regions saw sales activity drop by 11% and 27%, respectively. The most notable surge in


volumes occurred in the Bulkley-Nechako region, which was hit hard by wildfires in 2018. The number of deals totalled 113, up 110% from the previous year. "There seems to be a surge


in agricultural investment, and we've seen that across North America," says Gerry Thiessen, a realtor based in Vanderhoof and chair of the Bulkley- Nechako Regional District. Now, northern BC is seeing greater interest, too, in part


because prices have lagged the market. "We have seen a lot more


investment that's coming from Ontario and the Prairie provinces," he says. Buyers from southern BC


have also acted defensively, buying land for hay to supply their operations before further acreage gets snapped up by foreign companies. (Companies such as Top Hay have bought thousands of acres in the north and export the hay to China.) A farm’s market value is a separate matter from the assessed value, however. Property assessments distributed by the BC Assessment Authority in January reflected a valuation date of July 1, 2019. While tweaks were made last fall prior to the finalization of the 2020 roll, the treatment of properties holding farm class is different from others. The value of a property qualifying for farm class in BC is linked to use. Properties that are actively farmed, or intended for farming, and meet the income threshold required to qualify for farm class are assessed at one rate. Those not being used for


farming, even if they’re within the Agricultural Land Reserve, are assessed at their highest and best use. This is the case with farm residences, which are assessed at a residential rate rather than as a farm property. “The assessed values for


farm properties are legislated


3


Duckin’ a snow storm A blast of winter weather wasn’t enough to keep these ducks confined to quarters. ANNA HELMER PHOTO


based on meeting the farming income thresholds,” explained Brian Smith, a deputy assessor with BC Assessment specializing in farm properties. “There’s no change to the overall assessments values unless a change in the farming activity.” The fact the number of


farm properties in the province have been stable over the past three years means there’s been no significant change to the value of the roll of farm properties.


While the number has been


stable, this doesn’t mean there aren’t changes in the make-up of the list. Smith said BC Assessment receives approximately 200 applications for farm class status annually.


Some of the top farm


property sales in the province last year reveal the disconnect between market value and assessed value.


The most expensive farm $949,500


CUSTOM RANCHER WITH VIEWS Sunny Private Oasis on 8.99 Acres 3 Bdrm, full basement, NG fireplace, 4 piece bath w jacuzzi, hot tub, garage, barn, irrigated.


$2,300,000


A GENTLEMAN’S RANCH 176 Acres with 3000 ft. of Dragon Lake water frontage, immaculate 5 bdrm home, 40 acres hay, pasture land, shop-suite & barn.


$1,700,000


FALLING CREEK RANCH 538 Acres - Pristine Trophy Property with hwy access, open fields, rolling topography creek & river frontage, A private water & wildlife paradise!


property sold 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, while the current assessed value for the 79-acre property and six-bedroom residence is $1.3 million. Similarly, a 74-acre dairy farm at 4650 Glenmore Road in Abbotsford, originally listed at $8.9 million, sold for $7.4 million. It was the third most- expensive farm property sold in the province last year, but is assessed at $2 million. The most expensive


property sold in the Okanagan was 4710 Lakeshore Road in Kelowna,


an eight-acre parcel valued at $6.5 million. Its assessed value fell from $645,000 to $186,845 thanks to a decline in the value of buildings on the property.


While several types of


agriculture contribute qualifying revenue for farm- class status, cannabis is not one. Another exception is forage for honeybees; while apiculture is an accepted use, it’s the honey sales rather than pollination services that count as farm income. The issue is a sticking point with beekeepers, who would like to see revenues from pollination services recognized as farm income.


Marketing BC ,s Best Properties>


604.491.1060 Linda & Freddy Marks


www.theBestDealsinBC.com


$550,000


DORRIT LAKE WILDERNESS RANCH 140 Acres - Owned since 1931 this remote carefully stewarded land has 2 dwellings, hay fields with grazing leases & bountiful wildlife.


$325,000


43 ACRE CREEK FRONT HOBBY RANCH 1hr from Quesnel, custom 5 bdrm, 2 bthrm home with guest log cabin. Ideal location for a wildreness B&B accommodation or retreat.


$158,000


40 LAKE FRONT ACRES BALDWIN LAKE Private acreage with several great building sites, good hobby farm potential with pasture and open meadows for grazing.


$199,000


PRISTINE WITH TIMBER REVENUE 40 Acres of exeptional forested land with both river & creek frontage. No Zoning with mature timber value estimated at $300K. Beautiful!


$935,000


55 ACRE RURAL PARADISE WITH YOUR OWN POND 14km from Williams Lake. Custom 4 bdrm, 3 bthrm home with elegantly detailed finishing, 680sq.ft deck & gardens.


$159,000


2 BDRM LIKE NEW MOBILE ON 10 RIVER FRONT ACRES Private treed acreage, 2 bdrm home with new roof in 2011. Elevated homesite overlooking the Horsefly River.


WE HAVE OVER 3500 QUALIFIED BUYERS SEEKING B.C. LANDHOLDINGS CONTACT US TODAY TO DISCUSS A PROPERTY EVALUATION.


KAMLOOPS, BC


QUESNEL, BC FOREST GROVE, BC


CHETWYND, BC NAZKO, BC MCBRIDE, BC


SOLD


CANIM LAKE, BC


HORSEFLY, BC


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52