Canadian cultivated farmland values continued to rise in the first half of 2026, although at a slower pace than a year earlier, according to Farm Credit Canada’s latest mid-year farmland values review.
Released Wednesday, the review showed national values increased an average of 3.8% from January through June, down from a 6% gain in the first half of 2025. Over the 12 months ending in June, national farmland values were up 7%, compared with a 9.3% increase during calendar 2025.
“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.”
Prince Edward Island recorded the strongest increase in the first half of 2026 at 11.9%, followed by Quebec at 6.2%, Alberta and Manitoba at 5.3%, and Nova Scotia at 3.6%. Saskatchewan rose 2.6%, Ontario 2.4% and New Brunswick 2.1%, while British Columbia recorded a 1.9% decline.
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, FCC said in a release.
For Alberta, farmland value gains were most evident in the North and Peace regions, while sales activity was more limited elsewhere. Alberta’s growth has also held up better than in most provinces, with the current 12-month pace only 2 percentage points below its 11.4% peak reached in December 2025.
Manitoba values were up 6% year over year. Manitoba’s 12-month growth has eased from a 14.4% peak reached in June 2025, a decline of 8.4 percentage points.
In Saskatchewan, farmland values rose 6.7% over the previous 12 months. FCC said limited sales activity and concerns over input costs, margins, trade and weather kept the market relatively cautious. Saskatchewan’s 12-month growth has fallen from a 17% peak in June 2023.
Ontario recorded a more modest 3.2% year-over-year gain. Buying activity was subdued early in the year, with demand concentrated on high-quality land and purchases driven more by operational need than aggressive expansion. Ontario has seen one of the sharpest slowdowns since the post-pandemic surge, with annual growth down 24.5 percentage points from its 27.7% peak in June 2022.
FCC said the market is becoming increasingly regional, with productive, well-located land continuing to attract demand even as broader growth slows.
