Farm values stable despite market shifts

Property assessments will soon be landing in mailboxes across the province, with the publication of the 2023 tax roll by the BC Assessment Authority.

But farmland assessments in the province are largely unchanged despite the dramatic shifts in the real estate market as a whole, according to BC Assessment.

“Properties with Farm Classification have static legislated land rates applied to them and do not fluctuate with the market compared to most other property types, such as the regular residential market,” BC Assessment told Country Life in BC in a statement.

While the value of non-exempt farm dwellings and improvements do change, in line with similar types of structures in the area, BC Assessment described this as “quite variable.”

While the property market has cooled in recent months, a BC Assessment news release in early December warned property owners that they could see above-market assessments this year as market conditions softened following the July 1 valuation date.

This runs counter to the 5% to 15% increase residential property owners were told to expect last month, thanks to market conditions that prevailed in the first half of last year. Residential is the largest single property type in BC, and sets the pace for the value of provincial tax roll.

BC Assessment reported this week that the province’s 2.2 million properties increased by an average of 12% versus last year to $2.7 trillion.

In October, Farm Credit Canada indicated a 15% average increase in farmland values province-wide between July 1, 2021 and June 30, 2022.

Farm Credit Canada’s senior assessor for BC did not respond to a request for comment on recent trends.

BC Assessment was unable to provide the number of farm properties on this year’s tax roll, or an aggregate value.

Two years ago, the roll included 52,073 farm properties with an assessed value of $1.29 billion as of the valuation date of July 1, 2020. This was up from approximately 51,000 farm properties worth $1.25 billion as of July 1, 2018.

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Forty-six regions in BC are eligible to participate in the federal livestock tax deferral program, announced yesterday, more than anywhere else in the country. The program allows producers who downsize their breeding herds by 15% to defer reporting the proceeds until the following year, when they buy replacement stock. But after multiple years of drought, the BC beef herd is cruising 25-year lows and some producers are calling for more support to maintain and rebuild their herds. For more, see: [www.countrylifeinbc.com/bc-leads-livestock-tax-deferrals/]

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5 days ago

After weeks and weeks of no moisture, there's rain in Kelowna today. While much more moisture is needed over the coming weeks and months to reduce drought conditions and the air smells of wet campfire, the slow, steady rain is very welcome for fruit grower#BCAg#BCAg ... See MoreSee Less

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6 days ago

The first Delta Farmland and Wildlife Trust Grassland Set-aside Variety Trial Field Day was held at Delta's family-owned Tecarte Farms, August 27. Co-owner Bill Bates and DFWT executive director Christine Schmalz welcomed more than 35 people to view seven acres planted to different grassland blends specifically chosen to rejuvenate the soil and support the farm's blueberries. For the Bates family, it was time to try something different following the decline of the field's blueberry bushes over the past several years. "We tried everything, and nothing worked," says Bates. The blueberries were removed in May and the grassland crops planted about a week later.

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Bessette Creek is the latest watershed hit with a temporary fish protection order this year as the province moves to protect returning Chinook salmon. A total of 131 surface and groundwater users must cease drawing water immediately, with forage producers, greenhouses and nurseries impacted. "Declining flows in Bessette Creek reached record lows in early July 2026 and have remained below the minimum level required to support fish population survival," says the province. Bessette producers have embraced voluntary cutbacks, scheduled irrigation and other measures to reduce water use, and are also waiting on funding to boost water storage infrastructure. They're the second group of producers hit with a provincial order this year. Salmon River irrigators were told to top watering earlier this month following a reprieve to address wildfire risk. Growers in both the Salmon River and Bessette watersheds are urging the province to support new water storage infrastructure in advance of next year.

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There is a problem... having lived in the salmon river ( silver creek ) area, I remember a fish biologist telling family members that salmon only "survive" in high iron content creeks, they do not "thrive".... salmon river ( silver creek ) is a very high iron content, would stain clothes brown when i would use bleach... So don't expect high salmon numbers off of that creek , even in ideal situations...

I just wish they would take an interest in CHASE CREEK....went bone dry...100% of trout abd other species died...smell was terrible from rotting fish. Understand this has happened many times in the past. Chase Irrigation District totally responsible for this disaster. Now fishermen are complaining about major drop in water levels at Pillar Lake.

They could not mismanage things worse than they have. It's impossible for them to. The fact that farmers that we need for our animals are now suffering the consequences our governments have not protected us from, is absolutely fucking wild.