The average value of Canadian farmland increased 10.1% in 2015, according to Farm Credit Canada's annual appraisal update of 245 benchmark farms. The 2015 increase follows gains of 14.3% in 2014 and 22.1% in 2013. Overall, the average national values have continued to rise since 1993.
Farmland values increased in all provinces. Manitoba experienced the highest average increase at 12.4%, followed by Alberta at 11.6%, Quebec at 9.6% and Saskatchewan at 9.4%. The average increase in Prince Edward Island was 8.5%, followed by Newfoundland and Labrador at 7.7%. Ontario saw an increase of 6.6% and British Columbia saw average land values rise by 6.5%. Nova Scotia saw values rise by 6.3%, followed by New Brunswick at 4.6%.
Click here for a discussion by FCC economists on their annual appraisal update.