Canada Farmland Up 8.6% First Half 2012
Oct 15, 2012
The average value of Canadian farmland increased 8.6% during the first half of 2012, according to Farm Credit Canada's (FCC) semi-annual update of 245 benchmark farm properties. That 8.6% rise coupled with the 6.9% increase found the last half of 2011 suggests the average value of Canadian farmland rose 15.5% on an annual basis as of July 1.
FCC, Canada's largest agricultural lender, says farmland values rose or remained stable in all provinces except British Columbia, which saw a 0.3% decrease. Ontario experienced the highest average increase at 16.3% followed by Manitoba at 10.3% and Saskatchewan at 9.1%. Quebec and Alberta experienced 6.7% and 5.7% average increases, followed by Prince Edward Island at 3.1% and Nova Scotia at 2.8%. Farmland values were unchanged in New Brunswick and Newfoundland and Labrador.
Canadian farmland values have risen steadily during the last decade. FCC states. The current average national increase is the highest since FCC began reporting on farmland values; with the second highest increase being 7.7% in the second half of 2008. The last time the average value decreased was by 0.6% in 2000.
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