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Saskatchewan Leads Farmland Value Growth in FCC’s Mid-2024 Report

Farm Credit Canada (FCC) has released its mid-2024 Farmland Value Report, with Saskatchewan leading the nation in growth at 7.4%.

From January to June 2024, the overall Canadian farmland value increase averaged 5.4%, despite economic challenges like elevated interest rates and lower commodity prices.

All provinces recorded positive growth in farmland values, though the rate of increase slowed to below 4% in Manitoba, Ontario, Nova Scotia, and PEI. When considering data from the last half of 2023, only PEI experienced growth below 4%.

Saskatchewan’s farmland values continue to rise, with near double-digit growth in the northern and central areas and moderate gains in the southern regions.

FCC notes that recent interest rate cuts, and further reductions anticipated in late 2024 and 2025, are expected to support farmland valuations. However, farm revenues are likely to remain constrained due to stagnant commodity prices.

The full 2024 farmland value report is scheduled for release in March 2025.

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