February 13, 2019 9:45 am

Another indication of the high cost of land in Metro Vancouver

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No surprise — Vancouver is home to the country’s priciest vacant land, according to a new report from the Canada Mortgage and Housing Corp.

It shows the average cost of vacant land in Vancouver, owned by a company or government organization, is $1.9 million, and that is the most expensive across the nation.

READ MORE: Vancouver home sales fall nearly 40 per cent in January, as prices pull back

Toronto is in second place, where that same lot is valued at $900,000.

CMHC senior analyst Andrew Scott says outside of Vancouver, the average price across British Columbia is much lower.

“The average assessed value of vacant land was $300,000.”

Scott says most vacant land in the region is owned by developers.

© 2019 Global News, a division of Corus Entertainment Inc.

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