Manitoba farmland experiences highest value increase among provinces: report

The value of farmland in Manitoba increased by nearly twice the national average this year, according to a new report.

A recent report shows that the value of cultivated farmland in Manitoba has seen the largest increase among provinces during the the first half of 2025.

According to a report from Farm Credit Canada (FCC), a federal commercial Crown corporation and agricultural term lender, Manitoba’s cultivated farmland has appreciated by 11.2 per cent between January and June 2025 — nearly double the national average.

“Specifically, to Manitoba, we have seen the last number of years, just the supply of farmland coming to market hasn’t been that much, and still strong demand from farmers to expand their operations,” said Leigh Anderson, FCC senior economist.

“So when land does come up for sale, there’s a lot of competition out there, and that’s really what’s driving the large increases in in Manitoba,” he said.

Farmland appreciation in New Brunswick followed behind at 9.4 per cent during the same reporting period, still above the national average of 6.0 per cent. Alberta and Saskatchewan experienced gains of 6.6 and 6.0 per cent, respectively, according to the report published on Oct. 1.

Anderson said it’s “pretty normal” to see farmland valuations increase year over year, adding that farm revenue and interest rates are also major price drivers across the country.

The report notes that all regions in Manitoba showed farmland valuation increases between January and June 2025, with the Parkland and Westman regions appreciating the most.

“In Parkland, large grain operations are actively strengthening their land base. Historically, sales were limited, but steady upward pressure has been building, and recent transactions now reflect those cumulative gains,” reads the report.

Meanwhile, farmland in British Columbia and Ontario were the only provinces in the report that neither appreciated nor depreciated over the same six-month period. Newfoundland and Labrador was the only province omitted from the report due to insufficient data.

“Despite notable gains in certain regions, over the past six months, the overall range of sale prices per acre has increased only modestly, with the most significant shifts seen in the average price, reflecting a tightening of values,” reads the report.

Though Manitoba farmland has appreciated the most during first half of the year, when including data from second half of 2024, New Brunswick farmland appreciated the most over the 12-month period at 14.6 per cent. Manitoba followed behind with a 14.4 per cent gain during the same time.

The full mid-year farmland values report by FCC can be found online.