Canadian farmland values are still climbing although the gains are uneven, according to Farm Credit Canada’s mid-year farmland values review.
Released Wednesday, the report shows cultivated farmland values rose an average of 6% in the first half of 2025, slightly faster than the 5.5% gain during the same period in 2024. Over the 12 months from July 2024 to June 2025, values rose 10.4%, up from a 9.3% increase in the previous 12-month period.
However, the national figure masks wide variability between provinces. Manitoba led farmland value growth over the past six months with an 11.2% increase, followed by New Brunswick at 9.4% and Alberta at 6.6%. Saskatchewan matched the national average at 6%, while Quebec (2.6%), Prince Edward Island (2.3%), and Nova Scotia (1%) posted only modest gains. Ontario and British Columbia saw no change, underscoring the uneven nature of the market.
“Demand for farmland remained strong in the first half of the year regardless of lower commodity prices,” said J.P. Gervais, FCC’s chief economist. “Buyers continued to invest, driven by long-term confidence in the agriculture sector and the limited supply of available land. While growth is uneven across provinces, the overall trend points to promising growth opportunities in agriculture.”
Despite notable increases in several regions, the overall range of sale prices per acre has moved up only modestly. Provinces that experienced sharp appreciation in recent years are now seeing signs of softening, while regions with more moderate past growth continue to show solid momentum. The broader market appears to be stabilizing, FCC said.
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