Canadian cultivated farmland values rose by an average of 3.8 per cent in the first half of 2026, according to the mid-year farmland values review by Farm Credit Canada (FCC).
This marks a slower pace compared with the first half of 2025, which saw a 6.0 per cent increase. Over the 12 months from July 2025 to June 2026, there was a 7.0 per cent increase, representing a slower pace compared with the previous 12-month period (January to December 2025) with a 9.3 per cent increase.
“The pace of growth has eased from last year, but Canadian farmland values continue to show resilience,” said Craig Johnston, FCC’s chief economist. “Higher production costs, tighter margins and uncertainty around trade, tariffs and international markets are contributing to a more cautious and selective market.”
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 the economics of individual farm operations.
Prince Edward Island recorded the strongest increase in the first half of 2026 at 11.9 per cent, followed by Quebec at 6.2 per cent, Alberta and Manitoba at 5.3 per cent, and Nova Scotia at 3.6 per cent. Saskatchewan rose 2.6 per cent, Ontario 2.4 per cent and New Brunswick 2.1 per cent, while British Columbia recorded a 1.9 per cent decline.
The review also compares current growth with the latest upward cycle that began in 2020, showing that farmland value growth has not peaked at the same time across Canada. 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.
“Prairie farmland market growth preceded a difficult harvest season that has been marked by adverse weather and surging diesel prices,” Johnston added. “Final crop quality and yields will shape the land market this fall and into next year.”
The mid-year update provides an early outlook on farmland value trends, with FCC’s full-year assessment to follow in the spring report.
(FCC news release)
