CHILLIWACK – The Bank of Canada’s attempts to curb inflation with aggressive interest rate hikes has raised the potential for an economic downturn next year. On November 4, the federal government published its fall economic statement, which pointed to several risks to the economic outlook. In the report’s “downside scenario,” Canada would enter a “mild …
Farm Credit Canada
Dairy meetings highlight costs
BC dairy producers met for business meetings and networking last week, but producer income loomed large on the minds of many. Price hikes have failed to keep up with rising production costs. Several producers remarked that they’re always two years behind current circumstances. During the open discussion that followed the annual general meetings of the …
Seven properties at auction
What’s being billed as BC’s biggest-ever auction of farm and ranch real estate is accepting bids on seven farm properties in Abbotsford, Langley and Quesnel through November 3. The properties include a former dairy farm, a ranch, acreages and farmhouses. Together, they total 1,905 acres. John Glazema of BC Farm and Ranch Realty Ltd. is …
Interest rates rise, again
The sixth consecutive increase in the Bank of Canada benchmark lending rate underscores the need for farmers to be on their toes heading into 2023. A 50-basis point increase October 26 puts the so-called policy rate at 3.75%, 15 times what it was March 1. Many economists now expect a recession in the new year, …
Strong growth for farmland values
BC farmland values continue to post strong growth, according to Farm Credit Canada, rising faster than anywhere else in Western Canada in the 12 months ended June. Strong transaction activity led values 15% higher during the period, with much of the increase logged in the latter half of 2021 before interest rates began rocketing upwards. …
Rate hike demands planning
The latest rate hike by the Bank of Canada is putting the onus on farmers to plan further ahead to stay on top of the financial impacts. The central bank’s policy rate increased a further 75 basis points on September 7 to 3.25%, or 13 times the rate on March 1. It’s the fifth consecutive …