26 Ate Today? Thank a Farmer. Better Farming | May 2024 Farmland Values Despite various economic challenges, farmland values remain resilient across Ontario. In fact, the land market is relatively strong across the nation. And those economic challenges are not insignificant, depending on your location. Statistics Canada reports that Ontario producers saw a 14.8 per cent decrease on their farm cash receipts between 2022 and 2023, while both input costs and interest rates have been high. “That was definitely more of a factor this year and last year, as most of the row crop farms have experienced a huge increase in production costs, and at the same time, a lower amount of farm receipts for their crops,” says Adam DeGroote, a real estate broker from Brantford. “Add the higher interest rates to the mix and it definitely slowed a good number of buyers that were very active two years ago when rates and input costs were much lower.” “There were more opportunities and deals available for buyers who had cash available,” says Jackie Pepper, broker with Farm Match. “Anyone who needed lending was much more hesitant to make a move.” ONTARIO’S FARMLAND REMAINS VALUABLE DESPITE OTHER ECONOMIC HARDSHIPS. FARMLAND VALUES & MARKET RESILIENCY By LESLIE STEWART Leslie Stewart photo
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