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

Northwest mobile unit to help those at heart of mental health, addiction crisis

Province, Northern Health unveils new unit in Terrace to bridge gaps in services

Move natural gas pipeline, MP suggests

Coastal GasLink could then avoid opposition

Coastal GasLink violates terms of permit

Tree clearing took place outside Kitimat

Doctor recruiting drive showing results

Crisis point has now passed

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Bobrovsky perfect as Blue Jackets blank Canucks 5-0

Vancouver shut out for 10th time this season

Story of Wet’suwet’en Chief Alfred Joseph being told

Song of the Earth on Chief Gisday’wa will be launched in Hagwilget

Houston woman gets two years for aggravated assault

Ewald pleads guilty; trial of co-accused Calvin Dyrland begins in Smithers B.C. court

Fundraising campaign launched for man caught in SilverStar avalanche

In only two days, the GoFundMe surpassed its $15,000 goal

Terror at sea: Helicopter rescues frightened cruise passengers in Norway

The Viking Sky cruise ship was carrying 1,300 passengers and crew when it experienced engine trouble

Search and rescue team helicopters injured climber from B.C. provincial park

A 30-year-old woman suffered a suspected lower-limb fracture in Skaha Bluffs Provincial Park

DOJ: Trump campaign did not co-ordinate with Russia in 2016

Attorney General William Barr said special counsel “does not exonerate” Trump of obstructing justice

Trudeau in Vancouver to support Tamara Taggart at Liberal nomination event

The former broadcaster is seeking the nomination for the Vancouver Kingsway riding

Most Read