Debt owed by Saskatchewan farmers mushroomed by 61 per cent in the eight years ended in 2017.
The increased debt load was offset by a 111 per cent jump in the value of farm capital, according to Statistics Canada.
Farm debt in the province stood at $14.97 billion when New Year’s Day 2018 arrived, up from $9.24 billion in 2010.
Farm capital climbed from $46.55 billion in 2010 to $98.28 billion at the end of 2017.
Debt as a percentage of capital actually declined over the eight years to 15.28 per cent from 19.88 per cent as the increased value of farm assets outpaced the heavier debt load.
Annual double digit increase in value of farm assets from 2011 to 2015 reduced the debt to assets ratio as farm land values shot up.
Total Canadian farm debt increased 46.6 per cent in the period to $98.2 billion while total farm capital increased 70 per cent to $533.17 billion.
The national farm debt/capital ratio was 18.4 per cent in 2017, down from 21.1 per cent in 2010. The ratio is a benchmark determining the impact of debt burden.
The data indicates farm debt load, although much larger over the eight years, is not as burdensome as in 2010.
Ron Walter can be reached at ronjoy@sasktel.net
