Saskatchewan led the way as national farmland values continued their steady climb higher in 2024.
Farm Credit Canada’s annual farmland values report on Tuesday showed the average value of cultivated Canadian farmland increased 9.3% this past year. That was down from the 11.5% average gain recorded in 2023 but remains higher than the five- and 10-year average gains of 8.6% and 9.1%, respectively. National farmland values have ticked higher every year since 1993.
On a provincial basis, average cultivated farmland values in Saskatchewan increased by 13.1% in 2024, the highest increase reported nationally. British Columbia recorded the second-largest increase at 11.3%. All other provinces posted growth in the single digits, including Alberta at 7.1%, Manitoba at 6.5%, and Ontario at 3.1%. B.C., Alberta and New Brunswick (+9%) were the only three provinces to have higher growth rates in 2024 versus 2023.
This past year’s increase in Saskatchewan farmland values follows gains of 15.7% increase in 2023 and a 14.2% in 2022. Saskatchewan is home to some of the lowest values on a per-acre basis – ranging from a low of about $1,400 to a high of $9,500/acre - and the province is also home to the largest number of cultivated acres in the country.