According to a March 12 report by Farm Credit Canada, annual average cultivated farmland values in British Columbia decreased by 3.1 percent in 2023. However, the Cariboo-Chilcotin and Kootenay regions had the biggest increases in the province, at 8 percent and 7.6 percent, respectively.
"There was strong demand for land, particularly on the east side of the Fraser River," notes the report. "An influx of buyers from other regions bought properties in the Okanagan area, so demand remained strong. Properties located along major highways, smaller lots, properties with river frontage and those with water rights all tended to sell at a premium."
The Peace-Northern region saw a decrease of 3.2 percent, close to the provincial average.
"In 2023, properties on the market took longer to sell and there were fewer sales in certain parts of the province. Demand remained strong in key areas, but buyers appeared to have reached a maximum value they are willing to pay for cultivated farmland," added the report.
Nationally, the average value of cultivated Canadian farmland increased by 11.5 percent in 2023, the second highest reported since 2014, slightly under a 12.8 percent increase in 2022, and ahead an 8.3 percent increase in 2021.
You can read the full report here:
2023 Farmland Values Report e by Tom Summer on Scribd
