A Richmond, B.C., farm property has sold for more than 100 times its assessed value, opening up a new potential development site in the booming suburb where home prices continue to skyrocket. The City of Richmond assessed the eight-hectare rural property on Blundell Road at $84,264 for 2017, a slight dip from the previous year. pic.twitter.com/hE4Cjj7l9B — @LaylaYangRealtyEarlier in the spring, Richmond city council passed a law limiting the size of homes that can be built on a half-acre of farmland to 10,764 square feet. Weaver, an outspoken advocate for food security and similar agricultural issues, said he agrees with a lobby effort to limit further sale of farm land. And it's unclear what plans are for the Blundell property now that it's sold, as first reported in theBreaker.news.

Source: CBC News November 28, 2017 17:16 UTC