Median land values reached as high as $50k per acre in 2017
By Kaitlynn Anderson
Farmers and prospective land owners have raised some concerns about the increasing values of Canada’s agricultural land.
So, in an effort to provide Ontario’s agricultural industry with current farmland prices and rental rates, the Ontario Federation of Agriculture (OFA) conducted an online survey earlier this year.
A total of 2,367 individuals – including farmers, farmland owners, tenants, landlords and farm managers – provided data on their acreage and price perceptions. The OFA and University of Guelph published this information in the 2017 Farmland Value and Rental Value Survey report last month.
Participants had differing thoughts on the future of land prices.
For example, 7.5 per cent of the respondents expect farmland prices to decrease in their region. Another 31.2 per cent of the individuals foresee an increase in their region’s land prices. Nearly half of survey participants believe the price of their local farmland will remain unchanged.
The surveyors also asked respondents about the prices of average quality cropland in their regions. The results revealed a notable contrast in prices across the province. (The report only included regions with more than 10 responses.)
Producers also work land under a variety of ownership structures.
On average, farmers reported owning 272.23 acres. In addition, 1,133 respondents either rented, leased, crop-shared or custom-farmed an average of 285.41 acres.
The OFA published the report shortly before the Senate committee on agriculture and forestry released A Growing Concern: How to Keep Farmland in the Hands of Canadian Farmers.
Farms.com has reached out to a report contact for further comment.
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