The value of Canadian farmland maintained its upward trajectory in 2024, rising by 9.3 per cent according to the latest FCC Farmland Values Report. This increase, while slightly lower than the 11.5 per cent growth seen in 2023, underscores the persistent demand for farmland value despite pressures on commodity prices.
J.P. Gervais, FCC’s Chief Economist, explained that the rise in farmland values reflects strong demand coupled with limited availability and lower borrowing costs.
“The limited supply of farmland available for sale combined with lower borrowing costs resulted in an increase in the average price of farmland across the country,” says Gervais.
Regions with robust agricultural activity and favourable growing conditions saw the highest increases. Saskatchewan led the way with 13.1 per cent gain, followed by British Columbia at 11.3 per cent.
Other provinces experienced single-digit growth. New Brunswick’s farmland values grew by 9.0 per cent, Quebec saw a 7.7 per cent increase, and Alberta was close behind at 7.1 per cent. Manitoba reported a 6.5 per cent rise, Nova Scotia saw a 5.3 per cent appreciation, Ontario’s farmland values increased by 3.1 per cent, and Prince Edward Island had the most stable values with a 1.4 per cent increase.
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