Lot pricing in Vermilion finally has a more stable look after the town had its various lots appraised.
Council received the item to set lot pricing in each area following appraisal by Wainwright Assessment Group Ltd at the Sept. 16 council meeting. The recommended values will be valid for a period of two years.
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Previously, council was setting the cost per area, not per lot.
“I like to see that there’s been a structure put towards our lot pricing rather than a bulk cost per acre,” said Deputy Mayor Joshua Rayment. “We realize that every piece of land in this town has a different value based on its location, proximity and services.”
Coun. Kevin Martin says some of the lots in the Yellowhead Business Park have been parked with an asterisk.
“There’s three lots that are unserviced over there at this time,” he said.
The lots marked with an asterisk are being offered for sale as is.
Chief administration officer Shannon Harrower gave some insight into how the lots are priced in the chart council was provided.
“On each of the different categories you’ll see the lot, block, plan, the number of acres, so for that particular parcel, it’s 1.05 acres, the cost per acre for that piece would be 125,000, making the value we recommend $131,250,” she said.
She also explained the price variances for the lots in the same areas.
“In our discussions with the appraisal, it was based on the locations and lot suitability and the desire for that lot to be sold in comparison to the other ones,” said Harrower.
Council approved the motion to establish the new lot prices.
Lot prices will be updated on the town’s website as well as new physical signage.
Read more: Vermilion updates land sales policy
