Why the value of Manitoba farmland is increasing

A new report from Farm Credit Canada finds the average value of Manitoba’s farmland is growing.

Manitoba has recorded the sharpest rise in farmland values across the country in 2025, with average cultivated land prices climbing 12.2 per cent.

According to the latest Farm Credit Canada (FCC) Farmland Values Report, this marks the province’s biggest single-year average increase in farmland values in the past decade.

Chris Prejet, an FCC appraiser in Manitoba, said the rise in 2025 was largely fuelled by strong demand from existing operations in the province seeking expansion opportunities, combined with limited supply.

The Westman and Parkland regions saw the largest gains, at 17.7 and 15.1 per cent, respectively, while the Interlake region recorded the smallest increase at 5.8 per cent.

“In Manitoba, there’s such a variety of land quality, land types throughout the province. So, values do vary quite a bit from region to region, from market to market,” Prejet said.

The report indicates that 90 per cent of cultivated farmland sales in the Westman region ranged between $2,300 and $6,400 per acre. In the Parkland region, prices fell between $1,500 and $6,500 per acre.

It also notes over the past decade, the smallest annual percentage increase in Manitoba farmland values occurred in 2020 at 3.6 per cent.

“Back in 2012 to 2015, there were actually four years of consecutive increases higher than this year,” Prejet said. “We had two years of 25 per cent followed by approximately 12 per cent two years in a row.”

Farmland across the nation

Nationally, cultivated farmland values rose 9.3 per cent last year on average. The report notes that the Prairie provinces led the gains, with Manitoba followed by Alberta at 11.4 per cent and Saskatchewan at 9.4 per cent.

British Columbia was the only province to record a decline in the average value of uncultivated farmland, dropping 1.7 per cent in 2025. It said this was partly due to fruit growers exiting the market owing to production difficulties.

The report adds that Newfoundland and Labrador, along with the territories, were excluded due to too few publicly reported transactions to reliably assess farmland values.

Regarding the future of Manitoba farmland valuations, Prejet said it is still too early to tell for sure.

“It does change from year to year, but what we can say is that margins are remaining tight for this upcoming year, so that can have some pressure on profitability, which in turn, might have an impact on the market,” he said.

He added that the federal Crown corporation’s next farmland valuation report is scheduled for release in September.

“I think the increases that we are seeing in Manitoba, but also at a national level, just shows the strong support for the Canadian industry and the belief that it’s in a good place, and it’s continuing to trend in that direction.”

The 2025 FCC Farmland Values Report is available online.