Canada’s farmland values continued to climb in 2023, FCC reports

The average value of Canadian farmland continued its steady climb in 2023, increasing by 11.5 per cent, slightly less than the 12.8 per cent increase reported in 2022, according to the latest FCC Farmland Values Report.

“Farmland prices have continued to increase at a rapid pace over the last couple of years, even when economic conditions suggested the growth should slow,” said J.P. Gervais, FCC’s chief economist. “A limited supply of available farmland combined with a robust demand from farm operations is driving that growth.”

The highest average provincial increases in farmland values were observed in Saskatchewan, Quebec, Manitoba and Ontario, with double-digit average increases of 15.7, 13.3, 11.1 and 10.7 per cent, respectively. Four provinces had single-digit average increases and were below the national average at 7.8 per cent in Nova Scotia, 7.4 per cent in Prince Edward Island, 6.5 per cent in Alberta and 5.6 per cent in New Brunswick.

British Columbia recorded an average decline of 3.1 per cent, yet the province has the highest farmland values on average.