The present note derives the exact stability condition for the Harris-Todaro model with intersectoral capital mobility where land is explicitly included as a third scarce factor in agriculture. While the previous study by Neary states the difficulty of deriving a clear-cut result in such a case, this note demonstrates that if capital and land are never technologically substitutes in the agriculture production, Neary's condition that the urban sector is more capital abundant than the rural sector becomes a sufficient condition for local stability. In an important article in this Journal, Neary (1981) considered the stability of the Harris-Todaro model with intersectoral capital mobility. Among other things, Neary showed that, when relative commodity prices are fixed and capital and labour are subject to constant returns to scale in agriculture, an unspecialized equilibrium is dynamically stable if and only if the urban sector is capital-abundant relative to the rural sector. However, in the original work by Harris and Todaro (1970), the fixed availability of land is included in the agriculture production function. Hence, strictly speaking, the stability condition quoted above is not for the original Harris-Todaro model with intersectoral capital mobility. On this point, Neary concluded that the introduction of a third scarcefactor-land in agriculture greatly complicates the analysis, and makes it impossible to derive simple and clear-cut results. The present note argues that a definite result can be derived if the normality property of factors of production, which was utilized by Rader (1968) and Suzuki (1985), is assumed.