The average value of Canadian farmland increased 5.6 per cent during the last six months of 2008. This is the third-highest percentage increase since 1997 and is similar to the 5.8 per cent increase in the fall 2008 report.
Farmland values increased in every province except Prince Edward Island, which remained the same. Saskatchewan experienced the highest increase at 8.8 per cent, followed by New Brunswick with an increase of 6.3 per cent and Quebec with a 5.9 per cent increase.
Three provinces experienced similar percentage increases: Nova Scotia (4.3) Newfoundland and Labrador (4.0) and Manitoba (4.2).
The two western provinces showed similar increases. British Columbia’s farmland values went up 2.3 per cent, while Alberta’s values increased 2.2 per cent during the last six months of 2008. Ontario farmland values continued to rise with a 1.9 per cent average increase.