What will a million dollars buy you in Canada in terms of property?
In Fort McMurray, Alberta, the oil-boom centre of Canada, it’s not enough to buy an acre of industrial land, that goes for about 1.2 million.
In Vancouver, a 10 metre building lot costs about the same. In Manitoba, a shortage has driven prices for commercial land in cities up to around $800,000 for a single acre, In Saskatchewan however, with the million dollars, you can buy up to 1,000 acres of farmland, at least for the moment.
According to the Farm Credit Canada (FCC), the price for Saskatchewan farmland has risen over 28 percent in 2013, and over 89 percent in the past three years.
There are restrictions on foreign ownership of Saskatchewan land, but Canadian Investment firms have been rapidly buying up land on speculation.
Chinese immigrants have also been buying up land, and Ian Hudson, a farmer near Odema, Saskatchewan says that’s been pushing up prices in certain areas much higher, up to 50% higher, pricing locals out of the market.
Some of the buyers are Canadian citizens but live abroad.
The FCC says farmland in Canada has risen by over 22% nationally. Many say this is because Canada is seen as a good investment because of the climate, and a stable political situation.
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