Alberta's average values rose 6.5 per cent. (Oleksandr P/Pexels)

By Brian Konrad, Eli J. Ridder

Canadian farmland value rises again in 2023, finds report

Mar 12, 2024 | 3:49 PM

The average value of Canadian farmland rose again in 2023, albeit at a slower pace compared to 2022.

arm Credit Canada’s latest Farmland Values report says the average value rose 11.5 per cent — slightly less than the 12.8 per cent from 2020 to 2022.

Chief economist JP Gervais said farmland prices continue increase at a rapid pace, even when economic conditions suggest the growth should slow.

The highest average provincial increases in farmland value was in Saskatchewan, at 15.7 per cent.

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Alberta’s average values rose 6.5 per cent.

Gervais acknowledges that lower affordability of farmland is challenging for young producers, new entrants and those aspiring to grow their land base.