The average value of Canadian farmland continued its steady climb in 2024, increasing by 9.3 per cent, slightly less than the 11.5 per cent increase reported in 2023, according to the latest FCC Farmland Values Report.
"The increase in Canadian farmland values in 2024 reflects an enduring strength in demand for farmland amid some pressures on commodity prices," said J.P. Gervais, FCC's chief economist. "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."
The highest increases were observed in regions with strong agricultural activity and favourable growing conditions. In 2024, Saskatchewan again led with a 13.1 per cent gain in average farmland values, and British Columbia recorded growth of 11.3 per cent.
All other provinces experienced growth in the single digits. New Brunswick's cultivated land values grew by 9.0 per cent, Quebec reported a 7.7 per cent change and Alberta was close behind at 7.1 per cent. Manitoba had a growth rate of 6.5 per cent and Nova Scotia reported a 5.3 per cent appreciation in value. Ontario's cultivated average farmland value increased by 3.1 per cent and Prince Edward Island had the most stable values with an increase of 1.4 per cent.
Only three provinces reported higher growth rates in 2024 than 2023: British Columbia, Alberta and New Brunswick. There were insufficient publicly reported sales in Newfoundland and Labrador, Northwest Territories, Nunavut and Yukon to fully assess changes in farmland values in those regions.
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