Farm Credit Canada says the value of Canadian farmland rose 11.5 per cent in 2023.
FCC chief economist J.P. Gervais says while that’s a slight slowdown from the growth in 2022, it’s still a rapid pace amid cooling economic conditions.
He says a limited supply of available farmland combined with robust demand are driving the growth in value.
Locally, about 1,500 acres of farmland was lost to make way for the city’s new industrial park, Yarmouth Yards.
Farmland values increased in every province tracked except for B-C, which still has the highest average farmland values in the country.
