2024 Land Values Recap

2024 Ontario Farmland Market Recap – What It Means for You

Farmland values in Ontario continued to rise in 2024, but growth has slowed significantly. With economic uncertainty, shifting trade policies, and changing buyer behavior, what does this mean for landowners, buyers, and appraisers?

Here’s what you need to know.

Ontario Farmland Market at a Glance

2024 Increase: ⬆️ 3.1% (down from 10.7% in 2023 and 19.4% in 2022)
Canada’s National Average: ⬆️ 9.3%
Highest Provincial Growth: 🌾 Saskatchewan (13.1%), 🌲 British Columbia (11.3%)
Ontario’s Strongest Growth Region: 📍 Central West (13.5%) (driven by urban expansion)
Ontario’s Slowest Growth Regions: 📉 Central East (1.1%), Eastern Ontario (1.9%)

👉 Ontario was one of the slowest-growing farmland markets in Canada, second only to Prince Edward Island (1.4%).

Ontario vs. The Rest of Canada – Why the Slowdown?

Ontario’s farmland values are stabilizing, following years of rapid growth. Several factors appear to be shaping this trend:

📉 Higher borrowing costs – While interest rates have eased, they remain elevated, making expansion more expensive.
🌾 Lower grain prices – Reduced cash flow has made farmers more selective about land purchases.
⚖️ Tighter buyer demand – Fewer high-end sales and price corrections in some regions.
📊 Market reaching a ceiling? – After years of appreciation, some areas appear to be plateauing.

Regional Highlights – Where Are Values Moving?

Strongest Growth Regions:

📈 Central West: 13.5% (urban expansion driving demand)
South East: 3.8%
South West: 3.2%

Stable or Minimal Growth:

Mid Western Ontario: No significant price movement

Slowest Growth Regions:

📉 Northern Ontario: 2.6%
📉 Eastern Ontario: 1.9%
📉 Central East: 1.1%

Looking Ahead: 2025 Farmland Market Predictions

The big question: Will Ontario farmland values continue to cool, or is this just a temporary slowdown?

Key factors to watch in 2025:

🌍 Trade policy & global markets – Potential tariffs and shifts in U.S. agricultural policy could impact farm profitability.
🏦 Interest rates & borrowing costs – While lower than last year, they are still high enough to slow large land purchases.
📊 Investment trends – Ontario’s farmland appreciation is slower than Saskatchewan and BC, which could push investors to other provinces.
📉 Market activity expectations – The first half of 2025 is expected to remain subdued, with possible recovery if economic conditions improve.

What This Means for You

Ontario's farmland market is shifting—whether you're a buyer, seller, or appraiser, staying ahead of these trends is key. With growth slowing and interest rates still in play, making informed decisions has never been more important.

Selling in 2025? The market has cooled, but high-quality land is still in demand. Now might be the right time to strategize your next move.
Expanding your operation? With land appreciation slowing, there may be opportunities to purchase at more stable prices before competition picks up again.
Need an up-to-date appraisal? In a changing market, accurate valuations are critical for financing, estate planning, and decision-making.

📞 Let’s talk about your farm’s value. Call us at 519-763-5956 or request an appraisal.

Source: 2024 FCC Farmland Values Report

PS:

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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.