The average value of cultivated Canadian farmland increased by 11.5% in 2023. This is slightly less than the 12.8% increase recorded in 2022 but ahead of the 8.3% increase in 2021. This year’s increase is the second highest FCC has reported since 2014.  

Land value increases occurred amidst elevated interest rates and farm input prices, strong farm income and regardless of moisture levels. The demand for farmland remained robust and the supply of farmland available for sale continued to be limited. 

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