Northern Ontario farmland values climbed in 2023

Nevertheless, Farm Credit Canada said average values for cultivated farmland in Ontario increased by 10.7 per cent in 2023, on the heels of increases of 19.4 per cent in 2022 and 22.2 per cent in 2021.

The report said this increase appeared larger than it was because of the low price per acre in this region. In the Thunder Bay area, there were a limited number of sales.However, good land situated close to established operations sold quickly. Marginal land stayed on the market much longer. Demand came from a combination of large intensive, supply-managed farm operations, cash crop producers, part-time farmers and investors.

The highest average provincial increases in farmland values were seen in Saskatchewan, Quebec, Manitoba and Ontario, with double-digit average increases of 15.7, 13.3, 11.1 and 10.7 per cent, respectively.

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