Cultivated land values in Canada increased an average of 11.5 percent in 2023, according to research from Farm Credit Canada. That is the second highest increase since 2014 and slightly below the average growth recorded the year previously.
Saskatchewan reported the highest average farmland value increase with 15.7 percent, followed by Quebec at 13.3 percent and Manitoba at 11.1 percent. British Columbia was the only province to record an average decrease, at –3.1 percent.
Saskatchewan and Manitoba led the provinces in total field crop receipts growth between 2022 and 2023, with 6.1 percent growth in Saskatchewan and 4.4 percent in Manitoba.
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