Farmland values across Canada continued their steady upward trend in 2024, with the average price of farmland increasing by 9.3 per cent, according to Farm Credit Canada’s latest Farmland Values Report.

While the pace of growth slowed slightly compared to the 11.5 per cent increase recorded in 2023, FCC Chief Economist J.P. Gervais says the market remains strong despite some pressures.

“The increase in Canadian farmland values in 2024 reflects an enduring strength in demand for farmland amid some pressures on commodity prices,” Gervais said. “The limited supply of farmland available for sale combined with lower borrowing costs resulted in an increase in the average price of farmland across the country.”