We’re well past the halfway mark for the year, and it’s always insightful to review how land values have performed so far. FCC recently released their mid-year report, and we've summarized it here for you, along with a look back at Ontario’s land values for the first half of 2022 and 2023 for comparison. What will the second half of 2024 bring? Values have remained steady so far, but we’ll see how the numbers shape up. Stay tuned for a full recap and discussion in the New Year!
Here’s a quick summary of where Ontario land values stood in the first 6 months of 2022, 2023, and 2024:
2022: Ontario experienced a significant 15.6% increase in farmland values, the highest among Canadian provinces. This surge was driven by strong demand in less urbanized areas and steady income from high commodity prices. See full article here.
2023: Despite high-interest rates, Ontario's farmland values rose by 6.9%, highlighting resilient demand amid tightening credit conditions and sustained crop receipts. See full article here.
2024: Growth continued, with Ontario's farmland values increasing by 2.1% in the first half of the year. This moderation reflects the impact of elevated borrowing costs and input expenses. See full article here.
These figures illustrate a decelerating yet consistent upward trend in Ontario's farmland values for the first 6-months of the past (3) years.
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Ready to get a handle on the value of your farm? Contact farms@swiappraisals.com or call 519-763-5956 to discuss!
Want to skip the back and forth? Request your farm appraisal directly: Request Farm Appraisal.
DISCLAIMER: The predictions of farmland values for the upcoming year presented in this newsletter are solely the opinions of S.W. Irvine & Associates. These opinions are for general information purposes only and should be regarded as such. They are based on our analysis of current market trends and historical data, but they do not constitute guarantees of future performance. S.W. Irvine & Associates, is not legally bound by these opinions, and they should not be used as the sole basis for any financial decisions.
For individuals or entities with a more vested interest in the precise value of specific properties, S.W. Irvine & Associates offers professional appraisal services. Our team of experts can provide a detailed, property-specific analysis to help you make informed decisions. For more information please contact us at farms@swiappraisals.com | 519-763-5956 or submit your appraisal request here.
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