The value of farmland in the Okanagan rose by 5.7 per cent in 2017. (Wikimedia Commons)

B.C. farmland values grew at slower rate in 2017: report

Vancouver Island saw the highest growth in the province

B.C.’s farmland continues to increase in value, but it’s doing so at a slower rate, a new report says.

Farmland property values rose just 2.7 per cent in 2017, down from 8.2 per cent in 2016 and 6.5 per cent in 2015, Farm Credit Canada said Monday.

Increases of less than one per cent in northern B.C. and the Cariboo-Chilcotin tempered the strong growth seen in southern and coastal B.C.

READ MORE: Are tax breaks for hobby farmers driving up the price of agricultural land?

Vancouver Island saw a spike of 23.6 per cent, while the south coast saw values go up by 13.9 per cent.

Interior B.C. saw middle-of-the-pack growth with 2.7 per cent in the Thompson-Nicola area, 5.7 per cent in the Okanagan and 4.5 per cent in the Kootenays.

The Okanagan had the highest price per acre of all of B.C. at $91,978 while the island had the lowest at $41,784.

“Farm operations need to be cautious in regions where the growth rate of farmland values has exceeded that of farm incomes in recent years,” said J.P. Gervais, the organization’s chief agricultural economist.

“The good news is Canadian farms are generally in a strong financial position when it comes to net cash income and their balance sheets.”


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Bears hyper-focused on feeding

Public urged to remove attractants as bears get ready for hibernation

Kool-Aid Man bails on Terrace and Kitimat mayoral race

Says he has accomplished goal of raising electoral awareness

Cannery Road Race returns with a bang

Approximately 150 people competed in 10 events after one year hiatus

55+ Games athletes compete for gold

70 athletes from Zone 10 are competing

Rotary District Governor visits Kitimat

“We saw the devastation and wondered what could be done to help.”

VIDEO: B.C. deer struggles with life-preserver caught in antlers

Campbell River resident captures entangled deer on camera

Watch out for Pavement Patty: Driver’s warned outside B.C. elementary school

New survey reveals unsafe school zones during 2018 back-to-school week

Northwest B.C. high school student lands role in Monkey Beach

The novel by Haisla-author Eden Robinson is being filmed in Kitimat and Kitamaat Village

Around the BCHL – Trail Smoke Eater grad to captain NCAA Michigan Tech Huskies

Around the BCHL is a regular look at the BCHL and goings-on throughout the junior A world.

Thieves escape after man claims his wife is giving birth

RCMP searching for suspects in brazen daytime break in

Rural Canada Post carriers could see 25-per-cent pay hike: spokesman

An arbitrator has released a ruling in a long-standing pay equity dispute at Canada Post

Seventh day of searching for missing plane between Edmonton and Chilliwack

Search efforts are concentrated along the Highway 5 corridor between Valemount and Kamloops

Freeland brings optimism back to NAFTA talks

NAFTA talks resume in Washington

BC Children’s Hospital warns of possible PayPal fraud

Recipients are asked to forward the emails to PayPal

Most Read