Farmland values across Canada continued their climb in 2017, rising by a national average of 8.4 percent, according to Farm Credit Canada’s annual farmland values report.
Saskatchewan saw the largest increase, at 10.2 per cent, followed by Nova Scotia at 9.5 per cent, Ontario at 9.4 per cent, Quebec at 8.2 per cent, and Alberta at 7.3 percent.
B.C. had the lowest overall provincial average increase at 2.7 per cent, followed by Manitoba at five per cent, Prince Edward Island at 5.6 per cent, and New Brunswick at 5.8 per cent.
“With the steady climb of farmland values, now is a good time for producers to review and adjust their business plan to reflect variable commodity prices and slightly higher interest rates, assess their overall financial position and focus on increasing productivity,” notes FCC chief agricultural economist JP Gervais.
In addition to provincial averages, FCC has broken down land value data for 51 regions across Canada, including the percentage by which which prices changed, average prices, and the range of land values. Check out the interactive map here.
The 8.4 percent national average is slightly higher than 2017, when values rose by 7.9 percent.
FCC says the data is based on a combination of benchmark farm properties, which are appraised to estimate market value, and average sales prices.
Related:
- Where could Ontario farmland prices go in 2018?
- 5 recommendations to keep Canadian farmland in farmers’ hands
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