2024 farmland values in Canada: Continued, steady growth

The national average farmland value increased 9.3% in 2024. This represents a slower pace of appreciation than in 2023, but remains higher than the average of the last 5 years (8.6%) and of the last 10 years (9.1%). This post summarizes the changes in values for cultivated land, irrigated land and pastureland. The full FCC Farmland Values Report also presents provincial and regional trends in each of these land types.


Provincial Trends

Our analysis covers the period of January 1 to December 31, 2024. The highest reported increase in average farmland values was in Saskatchewan at 13.1%, followed by British Columbia at 11.3% with New Brunswick rounding out the top three at 9.0% (Figure 1). All other provinces recorded an increase below the national average. Note that we use a weighted average approach when calculating the national percentage change in the average farmland value. As Saskatchewan is home to the highest number of cultivated acres, it represents the single largest contributor to the national average. Alberta and Manitoba carry the second and third largest weights, respectively.

Figure 1: Average Cultivated Farmland Value Changes for 2024