B.C. farmland values up eight per cent

Mar 15, 2021 | 4:17 PM

Farm Credit Canada (FCC) has released its annual farmland values report and B.C. saw an average increase in farmland values of 8%, the highest provincial average increase in Canada for 2020.

It was also the largest average increase in the province since 2016 when it reported a jump of 8.2%.

Regional market activity varied throughout the province. Kootenay region recorded the most significant upward trend in the province with, an average increase of 28.1% in 2020. Buyers tended to be from outside the Kootenay region and larger urban centres, which created sudden and potentially short-term competition for land. These buyers were drawn to what they considered affordable land and the opportunity to escape the more populated areas.

The interior regions of Thompson-Nicola and Cariboo-Chilcotin maintained strong land markets.

Cariboo-Chilcotin had an average increase of 12.9 per cent, primarily due to limited availability of good quality land. This resulted in minimal sales and strong prices in the region. The trend was especially evident for high-quality cultivated lands, as there is a limited supply in these regions.

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Thompson-Nicola region only reflects values from sales of irrigated properties, and demand for this type of land is strong in the area, which led to an average increase of 16.7 per cent.

The Okanagan region maintained a stable market with no increase. Land available for sale was very limited, and buyers are mostly interested in land suitable for fruit growing. This region has a significant amount of land used for fruit production, which is not included in the farmland values report.

Peace-Northern had an average farmland value increase of 7.7 per cent. A slight downward trend was most noticeable in the eastern part of the region, likely due to difficult harvest conditions. The western part of the region saw increases in farmland values with continued strong demand for good, cultivated lands. South Coast region reported an average farmland value increase of 3.2 per cent, influenced mostly by the expansion of large local farm operations, as well as residential buyers wanting to move into the area. The eastern part of this region saw the most sales activity, with some moderate activity in other parts of the region.

Vancouver Island farmland market has slowed down, but values held strong with an average increase of 3.1 per cent. The southern Saanich area was still trending upwards because of the limited supply of cultivated lands.

by Kevin Rothwell

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