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

By Brian Konrad, Eli J. Ridder

But At A Slower Pace

Canadian farmland value rises again in 2023, finds report

Mar 12, 2024 | 4:40 PM

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

Farm 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.

Alberta’s average values rose 6.5 per cent.

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