Lumby 160 Acres
Property Type: Freehold Land
Price: $4,500,000 CAD
Parcel Size: 160 acres
Located at the heart of Lumby, close to Vernon, Kelowna and Kamloops, this beautiful piece of 160 acre is full of subdivision potential where it has a PLR document which have been issued by the district in 2022. Suitable for developers to create a 50 lots of 2.5 acre rural land subdivision. Many inquiries about getting small blocks of land in the Okanagan. Nearby lots are selling from $350,000-$400,000, with potential to go up the next few years. Awesome building block for people moving out from big cities like Vancouver, Toronto, Kelowna, or Calgary. Owner will consider terms with 50% downpayment. The land has a qualified engineer report for the cost performa of the project. These information can be shared to serious buyers upon request.
For your reference, below is the 2020 report on farmland value in Canada complied by Farm Credit Canada in which it states that the average annual growth of farmland value is around 6%.