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

B.C. Green Party pushes for wild salmon commissioner

The role would serve as a unifying force in the provincial government

BC Ferries confirms Northern Sea Wolf will not sail until mid-July

BC Ferries had hoped to get the vessel in September of last year, but it didn’t arrive until December

UPDATED: Horgan says B.C. defending its interests in Trans Mountain pipeline

Canadian finance minister’s update comes the same day Kinder Morgan shareholders plan to meet

5 things to know about B.C. Floods 2018

Snowpacks continue to melt causing thousands to be displaced, dozens of local states of emergency

VIDEO: Canadian Forces help flood-ravaged Grand Forks residents heal

Sgt. Bradley Lowes says the military is used to dealing with traumatic times

175 evacuation orders lifted as floods recede in Grand Forks

Officials hope to have all 3,000 people back in their homes by Monday night

B.C. Lions bring back 6-time all-star offensive lineman Jovan Olafioye

He was acquired by the Montreal Alouettes last year.

Whitecaps rally for 2-2 draw with FC Dallas

Vancouver climbed out of a two-nil hole to tie FC Dallas 2-2

B.C. VIEWS: Making sense of climate policy

Flood and fire predictions have poor track record so far

Chilliwack Chiefs moving on to RBC Cup final after thrilling win over Ottawa

Kaden Pickering scored the winning goal in the 3rd period as Chilliwack won their semi-final 3-2.

VIDEO: As floodwaters recede, crews assess the damage to Grand Forks’ downtown

More than four dozen firefighters and building inspectors came out to help

Wellington Dukes pull off epic upset of Wenatchee at RBC Cup

The Dukes are off to the championship game after downing the Wild 2-1 Saturday at Prospera Centre.

Canada to face U.S. for bronze at world hockey championship

Canada was looking to play in the gold medal game for a fourth straight year, but saw 3-2 loss

Most Read