Canadian cultivated farmland values rose by an average of 5.5 per cent in the first half of 2024, according to the mid-year farmland values review by Farm Credit Canada.
Over the 12 months from July 2023 to June 2024, there was a 9.6 per cent increase, representing a slowdown compared to the previous 12-month period.
In a news release, J.P. Gervais, FCC’s chief economist, says “Farmland values increased at a slower rate, yet 5.5 per cent growth in six months is still a very strong number.”
For the second consecutive year, Saskatchewan and Quebec have recorded the highest average six-month increases in the country, at 7.4 per cent and 5.4 per cent, respectively.
The rates in New Brunswick, British Columbia, and Alberta all settled in the same range, 5.2 per cent, 5.0 per cent, and 4.6 per cent, respectively.
Manitoba recorded a growth rate of 3.9 per cent, closely followed by Nova Scotia at 3.8 per cent.
Ontario recorded a lower increase at 2.1 per cent, with Prince Edward Island concluding the list at 1.7 per cent.
Detailed economic insights can be found at FCC.ca.
