Canadian farmland has yet to see a pinch from rising interest rates. Read more.
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The average cost of farmland in Canada rose nearly 13 per cent in 2022, the biggest increase since 2014, according to a new report from government-owned agricultural lender Farm Credit Canada. While higher interest rates and pricier fertilizer costs for farmers were expected to hamper land prices and sales, demand was “robust,” the report said.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.
Higher borrowing and fertilizer costs are expected to weigh on sales in 2023, though prices will probably rise, just at a slower rate, Gervais said. Strong demand and limited supply of farmland will help the market remain “fairly stable,” he said.
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