Acreage: Residential or Farm

The question to ask: What is the main purpose of the acreage?

Here is the definition as described by SREC's Practice Advisor.

Farm vs Residential Acreage - not defined by the amount of acres

Bylaw 302.6 (a) describes an acreage as a hobby farm used for residential purposes

302.6 (c) describes farm real estate as a primary purpose of farming

DEFINITIONS 302.6- For the purposes of Part Three of the bylaws, the terms residential real estate, commercial real estate and farm real estate have the following meaning:

 (a) Residential Real Estate means:

 i. any premises intended for residential purposes and the land upon which the premises are situated;

 ii.a building comprised of not more than four premises intended for residential purposes;

iii. land intended or used as a site for residential purposes;

 iv. acreages, cottages and hobby farms used for residential purposes; or

 v. individually titled condominium units.

 (c) Farm Real Estate means real property that is located outside a city, town, village, hamlet or resort village and with a primary purpose of farming, but does not include:

 i. minerals contained in, on or under that real property; and

ii. land used primarily for the purposes of extracting, processing, storing and transporting minerals.

If the main purpose of the acreage is meant for residential purposes, it should be a residential acreage listing with the Residential Contract of Purchase and Sale used when offering.

If the main purposes of the property is farming but happens to have a home on the property, it should be listed as a farm listing and the Commercial Contract of Purchase and Sale should be used when offering.