Farm Credit Canada reports the average value of Canadian farmland was up 9.3 per cent—compared to 11.5 per cent the previous year.

A similar trend was found in Saskatchewan, which led all provinces at 13.1 per cent, but still below the 15.7 per cent set in 2023 and 14.2 percent in 2022.

FCC Chief Economist J.P. Gervais is not surprised by the 13.1 percent increase—-even though there were lower prices for grains, oilseeds and pulses last year.

Taking a deeper dive into the Saskatchewan numbers, the northwest saw the largest increase at nearly 20 per cent. Northeast, west-central and east-central were not far behind between 17 and 18 per cent. There were lower numbers in southern Saskatchewan—only 11.1 percent for the southeast and a 4.1 percent increase in the southwest. Very dry conditions over several years in the southwest are likely responsible.

Pastureland values are much less than cultivated land, but they rose 8.9 pe rcent last year. That was based mainly on sales in the southwest and northwest, as a few ranchers took advantage of record beef prices last year.