BC farmland values fell 3.1% last year, Farm Credit Canada reported this week, the first annual decline since 2010 and the most significant drop since 1998. The drop was led by the South Coast, where values fell 19.3% to average $112,200 an acre. This was more than four times the decline reported for the Okanagan, …
Farm Credit Canada
BC farmland values flat
BC land values held the course in the first half of 2023, according to Farm Credit Canada, in an October 4 report on farm land values. The mid-year update indicated a cautious approach to land purchases and spending generally, which FCC chief economist JP Gervais credit with slower demand and, in turn, appreciation. “With higher …
Land values “on solid ground”: FCC
Yet another rate hike from the Bank of Canada this week has added to the pressure on anyone seeking credit, but it’s still not enough to slow demand for land. Canada’s central bank, which sets monetary policy for the country, raised its key policy rate to 5% on July 12, warning that further increases may …
BC farmland values slow
BC may have the highest farmland values in Canada, but the rate of increase slowed last year as rising interest rates hit and prices approached their peak. The annual survey of farmland values released this week by federal agricultural lender Farm Credit Canada reported an 8% increase in average farmland values in BC last year, …
Dairy farmers on the brink
ABBOTSFORD – A growing number of dairy farms in the Fraser Valley are considering selling as narrow margins get tighter and high financing costs complicate succession plans. “The dairy [sector] is particularly challenged,” says Karen Taylor, director of corporate finance, agriculture and agribusiness with BMO Financial Group in Abbotsford, who addressed a workshop the Centre …
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 …