2026 mid-year farmland values in Canada: Momentum continues
Canadian cultivated farmland values continued to climb at a more measured pace, rising 3.8% in the first half of 2026 and 7.0% year-over-year (Table 1), reflecting resilient demand in a more selective market. Growth eased from the 9.3% gain recorded at the end of 2025, but farmland values remain far from "dirt cheap”. The story varied by region, shaped by local supply and demand conditions, rising production costs - including fuel and fertilizer - and uncertainty around trade, tariffs and international markets.
Prince Edward Island led growth over the first six months with farmland values up 11.9%, followed by Quebec at 6.2%. Alberta and Manitoba each increased 5.3%, while Nova Scotia gained 3.6%. Saskatchewan, Ontario and New Brunswick also posted gains of 2.6%, 2.4% and 2.1%, respectively. British Columbia was the only province to soften slightly, down 1.9%.
Table 1: Average farmland values change in the first half of 2026 by province
Source: FCC calculations
From coast to coast: Regional shifts in Canada’s farmland market
British Columbia’s cultivated farmland values fell 1.9% through mid-year and decreased 3.9% year-over-year, though conditions varied by region. The Cariboo-Chilcotin Region saw limited sales activity; however, demand remained relatively strong, and recent value softening did not signal a broader market downturn. In the South Coast and on Vancouver Island, values were stabilizing, although longer exposure periods and increased listing inventory continued to place downward pressure on these markets.
Alberta’s cultivated farmland values rose 5.3% in the first half of 2026 and were up 9.4% year-over-year. The North and Peace Regions with stronger sales evidence recorded more upward movement, while the other regions had limited transactions and held closer to previous value levels. In southern Alberta, dryland sales remained limited, with irrigation continuing to play a key role in land values and influencing nearby dryland acres.
Saskatchewan’s cultivated farmland values rose a modest 2.6% over the past six months and were up 6.7% year-over-year, reflecting a slower pace of appreciation than in recent years. Limited sales activity, across much of the province, kept values close to previous levels, as producers remained cautious amid higher input costs, tighter margins, trade uncertainty and variable weather conditions. West Central recorded the strongest regional gain, supported by a concentration of higher-quality land and more properties available for sale.
Ontario demonstrated a more measured market with a 2.4% increase in cultivated farmland values through mid-year, and a 3.2% gain year-over-year. Buying activity remained subdued early in the year, as many producers delayed land purchases until crop conditions and yield prospects became more certain. Demand remained strongest for high-quality cultivated land, with most purchases driven by operational need rather than expansion alone. While competition increased in select areas, buyers remain selective, and limited sales continue to shape the overall pace of the market.
The appetite for farmland remained strong in Quebec, where cultivated farmland values rose 6.2% in the first half of the year, and were up 8.1% year-over-year. Strong sale prices continued in high-demand regions, although growth was uneven across the province. Instead, market momentum has become more regional, with some areas staying active while others quiet down as activity shifts elsewhere.
Cultivated farmland values in New Brunswick increased 2.1% through mid-year and stood 3.2% higher year-over-year. Land sales activity remained in line with typical provincial levels, although reliable sales were limited.
Nova Scotia’s cultivated farmland values climbed 3.6% for the first half of the year, with the year-over-year gain reaching 5.3%. Crop conditions were generally positive. Farmland values were higher in some pockets, particularly near the water, while sales activity remained low across the province.
Recent sales provided clearer evidence of an upward movement that had been building over time, with Prince Edward Island recording a notable increase of 11.9% through mid-year and 17.6% in year-over-year gains. Stronger sales and a tighter range of sale prices now provide firmer support for that increase, confirming a higher market average.
Farmland value growth has peaked at different times across Canada since 2020
Because data are collected every six months, we can track historical year-over-year changes reported in June and December. Focusing on the latest upward cycle, we use data from June 2020 onward to compare each province’s current farmland value growth with its peak over that period.
Table 2: Provincial 12-month farmland growth at peak and today, since 2020
Provinces | Date 12-month peak growth occurred | Peak 12-month farmland growth rate | Jun-2026 12‑month growth | Growth change from peak |
|---|---|---|---|---|
QC | Jun-21 | 13.7% | 8.1% | -5.6% |
BC | Dec-21 | 18.1% | -3.9% | -22.0% |
ON | Jun-22 | 27.7% | 3.2% | -24.5% |
NS | Jun-22 | 14.0% | 5.3% | -8.7% |
PEI | Jun-22 | 26.4% | 17.6% | -8.8% |
NB | Dec-22 | 17.1% | 3.2% | -13.9% |
SK | Jun-23 | 17.0% | 6.7% | -10.3% |
MB | Jun-25 | 14.4% | 6.0% | -8.4% |
AB | Dec-25 | 11.4% | 9.4% | -2.0% |
Canada | Jun-22 | 13.1% | 7.0% | -6.1% |
Source: FCC calculations
Peak timing shows a clear shift in provincial growth leadership. Quebec, British Columbia, Ontario, Nova Scotia, Prince Edwards Island, and Nova Scotia all reached peak farmland value growth during the broad 2021–2023 upswing, with earlier peaks generally followed by steeper pullbacks. Compared to today, Ontario and British Columbia had recorded the largest declines from peak growth — 24.5 and 22.0 percentage points, respectively. Despite these declines, growth remains positive in every province except British Columbia.
Provinces with strong post-pandemic population inflows—particularly Ontario, British Columbia and parts of Atlantic Canada—generally peaked in 2021–2022. Immigration, interprovincial migration, remote work and low interest rates likely accelerated demand. Elevated commodity prices, strong farm incomes and robust export demand also supported farmland values across several provinces.
Later-peaking provinces have generally retained more momentum. Saskatchewan peaked in Jun-23, Manitoba in Jun-25 and Alberta in Dec-25. Alberta has been the most resilient recently, with growth only 2.0 percentage points below its peak by Jun-26.
Overall, growth momentum has shifted from the provinces that led the post-pandemic surge toward the Prairies, particularly Alberta, while Ontario and British Columbia have experienced the sharpest normalization.
Bottom line
Canada’s cultivated farmland market remains resilient, though growth has moderated. Demand is strongest for productive, well-located land, while higher input costs, tighter margins and regional supply constraints are making buyers more selective.
The sector across the country has not moved uniformly in the past and that continues to be true, making local conditions increasingly important. Values continue to rise overall, but trends are more regional, selective and tied to farm-level fundamentals. This mid-year update provides an early outlook, with a full-year assessment to follow in the spring report.
Article by: Megan Mailloux, Senior Analyst & Justin Shepherd, Senior Economist
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