For the Complete REMAX Farm Report 2014 click here: http://download.remax.ca/PR/FarmReport/FinalReport.pdf
The price of farmland in most Canadian markets has either held steady or increased this year, following a period of strong year-over-year growth. Mirroring the trend in residential and recreational property values, lower crop prices, floods and challenging winter weather conditions have failed to significantly impact the Canadian agricultural real estate market. There is significant variation in price and productive capacity of farmland across Canada.
While prices across Ontario have started to level off, the value of farmland in some pockets rose significantly. North of the Greater Toronto Area, agricultural land slated for development reached $54,000 per acre.
In Chatham-Kent, excellent soil quality boosted the price of farmland up to $25,000 per acre—representing a surge of as much as 40 per cent over the previous year. While this represented a boon for sellers, it was a barrier to expansion for some buyers.
The rising prices led to a small migration of farmers, particularly Mennonites, northeast to areas including Quinte and Renfrew County where comparable land sold for between $8,000 per acre and $12,000 per acre.