British Columbia is one of Canada’s crown jewels, a stunning province with a vibrant culture, filled with mountains, redwood forests, and coastal destinations. From cities like Vancouver and Victoria to Whistler and Kelowna, British Columbia is a province with so much to offer. Because of the desirable nature of many areas in BC, it has become an exceedingly expensive place to live, with Vancouver ranking as the most unaffordable city in North America. However, there are still many great opportunities for buyers seeking real estate in the province.
One pathway available to those that want to take a less conventional route toward real estate ownership is purchasing land. Buying land gives you ownership of an area in British Columbia, often a large parcel, but, the downside is, most land for sale is either heavily forested, in the wilderness, or intended for farming usage.
Many purchase land as a pure investment, not touching the property they purchase and watching its value go up. Others try and monetize it, using it for farming, wineries, or even hunting and outdoor leisure. Many will purchase land and build custom homes on it. Either way, buying land gives you significant freedom to decide what to do with it.
British Columbia has numerous land purchasing opportunities available for buyers. Let’s look at why purchasing land in BC may be a great idea.
Why Buy Land in British Columbia?
British Columbia has as diverse a landscape as any of the provinces in Canada. While the north is frigid, bordering Alaska and Nunavut, the south is warm, with sandy coastal beaches. There are huge rocky peaks and deep forests throughout. It is the third-largest province, and with such a diverse landscape, there are some exciting options for buyers that will accommodate any taste.
One thing stopping many people from purchasing property or land in BC is the cost. BC has numerous areas that are incredibly expensive, and land doesn’t come cheap. But one factor this overlooks is that these prices have been climbing for years and will likely continue to do so. British Columbia is a sound investment for those with the money to enter this market.
According to data from Statistics Canada, the value per acre of farmland and buildings in BC was $6,537 in 2020. This ranked third amongst all provinces and territories behind Quebec and Ontario. While this is certainly expensive, in 2016, the value per acre was $5,321. The value of land in BC has soared in recent years and appears likely to continue to climb.
While not all land is farmland, the value of owning land in the province is something that is unlikely to decline. BC is one of the most desirable places to live in Canada, and the more people that live there, the more value the land has.
What Can be Done with Purchased Land in BC?
The opportunities for the purchased land in BC are endless. One thing many choose to do when they buy land is simply leave it alone. Unlike buying a house or building, there is little to no upkeep needed when land is purchased. Buyers have the chance to simply add it to their real estate portfolio, hold onto it, and sell it when the time is right.
If you want to use the land for something else, you’ll also have options. British Columbia is the second-largest producer of wine in Canada, and some regions offer the perfect climate and setting for wine growth. This will require some research, but areas like Okanagan Valley have land buying opportunities and are huge winery hotspots.
There is also an abundance of farmland for sale for buyers looking to get into agriculture. BC has a diverse agriculture industry, known for the various specializations the unique landscape allows for. There are opportunities for canola, wheat, barley, and cattle farming, with BC being leaders in each of these areas.
British Columbia is a beautiful province with a diverse landscape, a spacious area filled with mountains, ocean, forest, and more. It presents a perfect opportunity for those looking to buy land.
