Bidders from out of province are trying to make purchases
By Diego Flammini
A trend a member of the farmland auction industry has seen over recent years is the willingness from people from afar to bid on farmland.
“The demand for farmland has been as strong as we’ve ever seen,” Tyler Ruttan, director of sales with CLHbid.com, a website specializing in farmland auctions and sales, told Farms.com. “Post-COVID, we’re seeing different buyers diversifying different portfolios. Typically, the best audience for land is the local community, but events do arise where people are looking outside of their local areas.”
One such instance is likely to occur in September.
On Sept. 28, CLHbid.com will auction off 2,290 acres of farmland near Regina.
The land includes 90,000 bushels of hopper storage and is close to a major railroad and grain elevator at Indian Head.
“For those in markets such as southern Ontario, where $20,000/acre may be hard to justify and possibly out of reach, take note of the quick 40-minute drive to the Regina airport,” the listing says. “With a proven track record of producing, managing this first-class farm from afar makes perfect sense.”
Ruttan and his 20 years of experience in the auction business fully expect buyers from outside of Saskatchewan to show interest in this land.
That’s because large swaths of land like this don’t become available often.
“An event like this provides enough sure footing that families are comfortable relocating, or expanding, or starting another operation,” Ruttan said. “Most farmland is generational, and there are parts of Western Canada that are completely boxed in, so people see these events as opportunities to really do well.”
One reason for the increased interest, Ruttan says, is because of how farmers view farmland.
When describing farmland real estate, they use the term asset, he says.
“Farmland is one of the only assets you can sell but never move,” he said. “I think we have a heightened awareness here that we have to keep farmland as farmland because that’s what allows us to produce food.”
Farmers in the market for real estate may also want to visit with Farms.com Real Estate page.