By Fadi Didi
Property sells for more than 100 times the assessed value.
A farmer in Richmond, B.C. has hit the jackpot.
The 8 hectare property was assessed at just over 84 thousand dollars for 2017, and the owner has unloaded it for 9.2 million dollars.
That is more than 100 times the assessed value.
It is expected to open up a new potential development site in the booming suburb where home prices continue to skyrocket.
The city of Richmond has some of the highest housing prices in the region, and land for potential development is so valuable that locals complain that attempts to stop development from devouring farmland are not enough.
Some good news for pork producers.
Argentina is now allowing imports of Canadian pork three months after it made a similar move for the United States.
Argentina had cited swine health concerns to support its bans.
The change is effective immediately.
When the ban on U.S. pork was lifted, the National Pork Producers Association there estimated it could export $10 million worth of pork per year to Argentina.