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By The Canadian Press

Agriculture

Farmland values up in most provinces says new report from FCC

Mar 12, 2024 | 2:29 PM

REGINA – Farm Credit Canada says the value of Canadian farmland rose 11.5 per cent in 2023.

FCC chief economist J.P. Gervais says while that’s a slight slowdown from the growth in 2022, it’s still a rapid pace amid cooling economic conditions.

He says a limited supply of available farmland combined with robust demand are driving the growth in value.

FCC’s latest report on farmland values found that they increased in every province tracked except for British Columbia.

That province saw an average decline of 3.1 per cent, but it still has the highest average farmland values in the country.

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The highest increases were in Saskatchewan, Quebec, Manitoba and Ontario.

Peace Region numbers

The new Farmland Values Report from Farm Credit Canada says the value of land on the Alberta side of the Peace went up 2.9 per cent last year.

The value range was $1600-$4700 per acre with FCC using $2800 per acre as its reference value.

Values in the Peace-Northern area of British Columbia were down 3.2 per cent.

Land prices range from $800-$3100 per acre, with the FCC reference value at $2100 per acre.

– with files from Curtis Galbraith.