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