Ontario farmers reported a rise in 2023 farmland prices but not in rental rates. Monthly rents either declined or remained unchanged in 15 of 25 counties where 1,116 Ontario farmers responded to a recent survey on farmland prices and rental costs conducted by the University of Guelph’s Dr. Brady Deaton.
The annual online survey is based on farmer responses, not actual farm sales or rental contracts. The survey presents median (not average) prices.
Peel Region had by far the highest median per-acre farmland price in the province at $75,000 “plus” ($75,000 was the highest price option that could be selected on the survey). And yet, farmland rental was only $100 per acre in Peel, the widest spread between rental rates and farmland value in the province: a rent/price ratio (or percentage) of just 0.1 %.
Here are Deaton’s top 10 counties in order by median price paid for farmland:
1. Peel: $75,000 (7 farmers responded)
2. Oxford: $36,000 (21 responses)
3. Perth: $35,000 (33 responses)
4. Waterloo: $30,000 ((10 responses)
5. Middlesex: $26,500 (36 responses)
6. Huron: $26,400 (40 responses)
7. Brant: $25,600 (7 responses)
8. Chatham-Kent: $24,500 (20 responses)
9. Elgin: $23,000 (23 responses)
10. Wellington: $21,600 (21 responses)
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