A large chunk of farmland sold for $5 million in Burnaby’s Big Bend neighbourhood earlier this year.
An 8.8-acre property with a boarded-up 55-year-old house at 7518 North Fraser Way sold on Aug. 18.
The property is zoned as agricultural land and is part of the Agricultural Land Reserve (ALR), according to the listing.
It sold this year after 84 days on the market with an original ask price of $5.8 million. It was also listed in 2022 at $7.3 million.
The property’s 2023 assessment was $138,492, because the land is classified as farm which has its value set by provincial regulations, according to BC Assessment.
Edwin Lee of Macdonald Realty, the property’s listing agent, told the NOW farms have lower property taxes as an incentive for owners to farm the land.
He noted farmland can be a bit more difficult to sell, as it can be difficult to finance.
The listing said there was the potential to replace the two-storey house with a 5,382 square-foot home with a separate 452 sq. ft. garage, subject to City of Burnaby and ALR regulations.
“A property this size, in such a central location, is definitely rare!” stated the listing.
Lee said he understands the buyer, who is a local familiar with the area and the industry, will be farming the land.
“It’s actually a really good story, and the seller’s actually really happy that it is going to be farmed.”
