Farmland values edge higher

There were steady increases in farmland value across the country over the first six months of 2024, but B.C.’s jump was slightly below average.

Farm Credit Canada recently released its mid-2024 report about farmland value, and the national average increased 5.5%. B.C.’s mark was slightly less than that but still came in at a healthy 5% improvement.

“Farmland values increased at a slower rate, yet 5.5 per cent growth in six months is still a very strong number,” FCC chief economist J.P. Gervais said in a press release.

B.C.’s Peace-Northern had the most growth in the province, while the Okanagan and South Coast also had value increases between January and the end of June. The Peace-North has the biggest impact on the provincial average because it is home to the most farmland.

Saskatchewan and Quebec recorded the highest average six-month increases at 7.4% and 5.4%, respectively. Every province’s average farmland value increased during the first six months of the year.

“The continued rise in farmland values highlights a positive and robust long-term outlook for the agriculture sector,” Gervais said. “As we move into the latter half of 2024, the trends in farm revenues and interest rates will be key indicators of where farmland values might head next.”