The balance sheets on farms throughout Saskatchewan grew significantly last year as the value of the primary agricultural asset – land – rose by more than 14 per cent in 2022.
That was well ahead of inflation and slightly more than the national average and yet land in this province is still just about the cheapest in the country.
The annual update on land values compiled by Farm Credit Canada pegged the average price in the neighborhood of $2,500 an acre in Saskatchewan with a range of $2,200 to $3,000 depending on the local area. The agency tracks land sales and drops prices for the top and bottom five per cent to determine an average.
About the only places land is cheaper is in the Peace Country and selected regions of Atlantic Canada. Everywhere else, farmers are paying more to get their hands on additional property with prices ranging as high as $139,000 in southern BC or $20,000 to $30,000 in Ontario and Quebec.
There is also a big premium for irrigated land which runs two or three times as much as regular, dryland tracts.