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Farmland Fetching Record Prices

Wednesday, 12 September 2012 11:24

It's never been a better time to own farmland in Canada. A Market Trends Report from Re/Max this week says the price of farmland is on the rise, right across the country. And here in the breadbasket of Ontario, farmland is selling for record prices. The price-per-acre is selling for $10,000-$15,000 in Oxford and Perth Counties. Peter Lass is a Re-Max Agent and Farmer and says the price varies depending on the conditions. "Around Tavistock is extremely strong, south of Woodstock is a very strong area. Both areas have predominantly very good, loamy type of soil. And in a year where we have drought, you don't have to be a farmer to see a difference in crops. A year like this year dictates why the premium soils are selling for more money." Lass adds that farms are also growing in size, meaning fewer farms on the market, which is also driving up prices. But, the higher value of farmland will likely be driving up property taxes when this year's MPAC assessments are delivered.

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