A 96-year-old Richmond farmhouse on 10 acres is listed for sale for almost $5 million.
But this is half the price it was listed at five years ago, possibly because the home size allowed on such properties is now much smaller.
The property at 12331 Gilbert Rd., just north of Finn Road, is in the Agricultural Land Reserve (ALR) and in late 2018, city council restricted the size of homes on ALR properties to about 5,300 square feet.
Before that, mega-mansions were popping up on farmland, some as large as 15,000 square feet in size.
While the property is now listed for $4.9 million, its assessed value is about $166,000 and total taxes come to $883 per year.
The three-bedroom house, built in 1927, is 1,078 square feet in size.
The real estate listing notes the property “awaits your plan to build your dream home, grow crops and enjoy life.”
- With files from Graeme Wood