Saskatchewan posted a 6.2 per cent increase in the value of farm land last year for the fifth-highest price in Canada.
Average price increase in this province was the lowest since 5.2 per cent in 2010, according to the annual Farm Credit Canada farm land price report.
Nationally, prices increased 5.2 per cent — lowest since 5.2 per cent in 2010.
Largest increases were in the potato provinces of P.E.I., 22.6 per cent; and New Brunswick, 17.2 per cent.
Land prices in Saskatchewan differed by region with percentage changes from 3.8 to 9.2.
In the southeast, including Moose Jaw, prices increased six per cent, compared with 1.7 per cent the previous year. Demand exceeded supply. Prices averaged $2,049 an acre, ranging from $900 to $3,600.
Southwest prices, driven by more supply with larger producers being less aggressive, saw a meagre 3.8 per cent increase to an average $2,049 an acre. Prices ranged from $900 to $2,900.
Land prices of $2,103 an acre in the west central region increased 5.9 per cent on demand outpacing supply. Prices ranged from $1,000 to $3,900 for the highest priced land in the province.
Sask. farm land price average percentage change
| 2010 | 5.2% |
| 2011 | 22.9% |
| 2012 | 19.7% |
| 2013 | 28.5% |
| 2014 | 18.7% |
| 2015 | 9.4% |
| 2016 | 7.5% |
| 2017 | 10.2% |
| 2018 | 7.4% |
| 2019 | 6.2% |
East central farm land prices registered a 9.2 per cent increase as the poor harvest conditions were overshadowed by local and out-of-province demand.
Average east central price was $1,610 ranging from $800 to $2,500 an acre.
A six per cent increase in the northwest was driven by supply and demand with an average $2,090 an acre, ranging from $900 to $3,400.
In the northeast prices increased 7.7 per cent to $1,963 an acre with strong demand, supply and investor purchases. Prices ranged between $900 and $2,900.
Alberta farm land prices increased a mere 3.3 per cent, lowest since 4.4 per cent 10 years ago. Average price per region ranged from $2,141 in the Peace region to $6,399 in the irrigated southern region.
Higher potato demand for the new Cavendish plant in Lethbridge drove prices in the south while other regions experienced damper prices from low commodity prices, frost and poor harvest conditions.
Manitoba posted a four per cent average price increase, up from 3.7 in 2018. Poor growing and harvest conditions, landlords selling and new farmers influenced prices.
Average prices ranged from $2,434 an acre in the parkland to $5,247 in the Central Plains Pembina Valley.
Highest price was $7,700 in the Central Plains Pembina Valley.
Ron Walter can be reached at ronjoy@sasktel.net
