2021 mid-year farmland values update: Uncertainty doesn’t weaken demand
Despite a drought in Western Canada and bumps in the economic recovery, robust commodity prices in late 2020 combined with low interest rates continued to support strong demand for farmland and elevated land prices.
Across the country, farmland values increased by an average of 3.8% in the first half of 2021 (Table 1). During the first half of 2021, the largest increases were in Ontario (11.5%), British Columbia (8.8%), and Quebec (8.1%). The remaining provinces recorded increases of less than 5%. The overall 12-month pace of increase between July 2020 and the end of June 2021 shows a 6.1% gain in average farmland values at the national level.
