Subhead:Prospective buyers of farmland in the British Columbia Interior are hesitant to close real estate deals given the uncertainty surrounding land rights in the province following the Cowichan ruling.#
A massive offering of ranch land in British Columbia has failed to attract buyers, with uncertainty surrounding Aboriginal title emerging as a major concern for investors.
Monette Farms, one of Canada’s largest agricultural operators, listed 12 ranches in the B.C. Interior totalling more than 45,000 acres in what was marketed as a “once-in-a-lifetime opportunity” to purchase prime ranch land. But according to Country Life in B.C., the initial offering through Ritchie Bros. Auctioneers closed without a single bid.
The properties, which include the historic Home Ranch near 70 Mile House, were first offered with a January 9 deadline. With no sales, the process moved to a “tender by auction” system with a March deadline.
Despite the lack of bids, Ritchie Bros. says interest remains high. But industry observers say the bigger issue is growing uncertainty about land tenure in B.C., particularly surrounding Aboriginal title claims.
One ranch deal is already known to have collapsed after local Indigenous groups told a prospective buyer they would not support the transfer of the Crown grazing licences required to operate the property.
