The short answer is no they aren't worth that much. Often it costs more to pick them than they are worth... But the land is worth so much because of the investment potenial. The land is held in the Agricultural Land Reserve - zoned only for Ag, but the people believe that some day it may come out or the ALR will change, and they would rather invest there money in land in a safe, free country verses the banks.
It is good land here in the Fraser River Delta, but that also means it is close to the Ports and Industrtry and never ending demand for detached housing...imagine if you could divide that 3 acres into 50'x100' lots smaller.
If they dont grow something on the land it is taxed at a much higher rate based on the full value, so blueberries are fairly straight forward to plant and grow-still may cost them $5000+ an acre to get established though. Its hard to argue they arent growing something with the fields all looking pretty nice with drip tape etc...verses just grass fields for hay which there is limited market for here.
They dont need to be wet, but that is pretty typical of this timeof year - it rains alot October -March/April, and as Bruce said it doesnt snow...until it does like this year. We had a few weeks of feezing and snow fall, when it comes down here it does paralize the whole Metro area.
It will be interesting to see if the one for 11.9 mil will sell. Its about a mile from my parents place, same size property but we have buildings and 2 houses. Not that houses matter... a tear down 15 year old house is at around a million+ in Vancouver and suburbs.
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