REGINA — The value of Canadian farmland rose 11.5 per cent in 2023, a new report by agriculture lending firm Farm Credit Canada has found.
Chief economist J.P. Gervais said while that’s a slight slowdown from the growth in 2022, it’s still a rapid pace given cooling economic conditions overall.
“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 Gervais in a release.
“A limited supply of available farmland combined with a robust demand from farm operations is driving that growth.”
The lender’s latest report on farmland values found that they increased
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