Manitoba farmland values up 11.2 per cent

Average Manitoba farmland prices were up 11.2 per cent in 2022 — slightly below the Canadian average increase of 12.8 per cent.

The data was released in a Farm Credit Canada report March 13 and represents the largest increase the province has seen since 2015, when prices rose 12.4 per cent. This year’s increase follows jumps of 9.9 per cent in 2021 and 3.6 per cent in 2020.

Why it matters: Manitoba’s increase in farmland values was below the national average, but compared to what was seen in the last few years, that’s not saying much.

The highest increase in farmland values was in the Central Plains-Pembina Valley region at 16.1 per cent. The Eastman region’s values increased by 11.2 per cent, consistent with the provincial average. The Interlake (9.3 per cent), Westman (9.2 per cent) and Parkland (7.5 per cent) regions all fell below the average.

The report noted that stable-to-increasing demand for land, along with limited supply, was largely responsible for the rising numbers in the province. The demand was mainly from farmers looking to expand, including supply managed farm operations and cash crop producers.