Value of Canadian farmland rises 11.5% in 2023: report

Farm Credit Canada says the value of Canadian farmland rose 11.5 per cent in 2023. Cattle graze at sunset near Cochrane, Alta., Thursday, June 8, 2023.THE CANADIAN PRESS/Jeff McIntosh

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.

This report by The Canadian Press was first published March 12, 2024.

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