The City of Yorkton, Saskatchewan, land fund hit record numbers last year, posting $3.3 million in residential sales alone – and now the city is speculating on farmland.
The land fund develops land for resale and includes residential, commercial and industrial assets.
Investment in property totals $15,700,000, according to a report circulated to a recent meeting of Yorkton Council.
Residential lot sales led the way, said Lonnie Kaal, director of finance with the City, noting that 2013 residential sales were the highest in history. Given the robust sales, the inventory of lots is at a historic low, she explained.
The inventory of commercial land for development is also tight.
There are only four lots for sale in the Ball Road light industrial subdivision and two parcels left for sale in Yellowhead commercial area .
Kaal said in terms of future land for development, the City has added farmland to its inventory, which will one day be developed.
The City purchased five quarters for $3,725,000 in 2009 and a further 420 acres in 2011 for $3,000,000. The city’s total investment in farm land is $7,111,200, according to the land fund report.
