Average Saskatchewan farmland values recorded a modest increase last year while there were double-digit jumps in Ontario, British Columbia. and Quebec.

Farm Credit Canada reports the average Saskatchewan farmland value rose 7.4 percent, or two per cent higher than 2020.

Changes in farmland values varied widely across the province with eastern areas trending higher. The southeast was up 14.7 per cent as pockets of land received timely rainfall and produced a near average crop.

East Central rose 11.3 per cent for an average farmland value of $1,900. The northeast recorded a seven per cent increase with the average farmland value at $2,400 an acre. The northwest posted an 8.3 per cent rise for an average farmland value of $2,300 an acre.

The two areas most affected by drought saw the smallest average farmland value increases— west central at 4.9 per cent and southwest 0.4 per cent. The average value of farmland in west central was $2,400 an acre while the southwest was $2,000 an acre. Of course, there is a wide range in values depending on factors such as land quality and location.

FCC Chief Economist JP Gervais says low interest rates, crop insurance payouts and a significant jump in commodity prices helped to offset lower-than-average yields.

Ontario had the largest increase in average farmland values at 22.2 per cent with B.C. next at 18.1 per cent.

More information can be view in the charts below or on the FCC website.