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

Charges upgraded against mother of murdered Langley girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

WATCH: Farm Country Brewing in Langley City expected to open in summer

Farm Country Brewing is currently under construction and is planned to open in summer 2019.

South Langley centre offers seniors an array of activities

Members decide which courses and activities are offered at the Brookswood Seniors Centre.

LETTER: Langley/Surrey shortchanged on transit for Vancouver

Funding to get SkyTrain to Langley City could come from not undergrounding Vancouver’s extension.

LETTER: Area letter writer puts Trump government shutdown in perspective

A Maple Ridge letter writer is critical of Hillary Clinton’s comments about the shutdown.

VIDEO: U.S. Congress to probe whether Trump told lawyer Cohen to lie

At issue is a BuzzFeed News report that about negotiations over a Moscow real estate project

Rookie Demko backstops Canucks to 4-3 win over Sabres

Young Vancouver goalie makes 36 saves to turn away Buffalo

UPDATE: Injured firefighter in stable condition

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Book a ride on a driverless shuttle in Surrey or Vancouver

Automated vehicle demos are being offered, as the two cities plan pilot projects with the shuttles

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Arrest made after historic B.C. church hit by arson

The fire at the 150-year-old Murray United Church in Merritt was considered a possible hate crime

Missing man from Crowsnest Pass could be in Lower Mainland

58-year-old Stuart David Duff was last seen on Jan. 6, 2019.

B.C. dangerous offender in court for violating no-contact order, sends letter to victim

Wayne Belleville was shocked to see a letter addressed to him from his shooter, Ronald Teneycke

Man blames his loud car radio, sirens for crash with B.C. ambulance

Tribunal rejects bid to recoup ICBC costs after crash deemed 100-per-cent his fault

Most Read