Higher interest rates had little to no impact on Canadian farm land values last year.

Farm Credit Canada is reporting average national farmland values jumped 12.8 percent in 2022, which is the highest increase since 2014.

Saskatchewan was above the national average at 14.2 percent last year, which is well above the 7.4 percent in 2021.

There continues to be strong demand for a limited amount of farmland for sale. Another factor pushing up land bids was an 18.3 percent rise in grain and oilseed values last year. It is important to note that prices paid for pasture land saw much smaller increases than cultivated land.

Northeast Saskatchewan saw the largest increase in cultivated land values at 24.2 percent. The region had the highest yielding crops last year.