In line with the other Prairie provinces, the value of farmland in Manitoba grew in 2024 but not as much as in previous years.
According to the recently-released 2024 Farmland Values Report by FCC, average cultivated farmland values in Manitoba increased by 6.5 per cent in 2024, compared to 11.1 per cent growth in 2023 and an 11.2 per cent increase in 2022.
The culprit included challenging growing conditions such as variable rainfall that created seeding delays, in the process influencing farmland demand.
The Eastman and Parkland regions tied for largest growth with 9.7 per cent each resulting in average prices of $6,300 and $3,300 per acre respectively.
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Read the report, “The increase in the Eastman region was driven by strong demand from grain, dairy and poultry operations. The Parkland region has historically had lower values of cultivated land but continued to demonstrate stable to increasing prices.”
Following at third and fourth were the Westman and Interlake regions at 6.7 per cent and 6.8 per cent respectively. The per-acre farmland values were $4,100 for Westman and $4,500 for Interlake.
“Within the Interlake region, varying growth rates were observed as the northern part of the region remained stable, while significant increases occurred in the south,” read the report.
“This variance is partly correlated to growing conditions and strong demand from large grain operations looking to expand.”
The Central Plains-Pembina Valley region dropped about seven per cent from 2023’s 10.5 per cent to 2024’s 3.4 per cent. The report points out, however, that the minimum value per acre saw a year-over-year bump from $2,800 to $3,400. The average value per acre was $6,600.
The irrigated acres in Central Plains-Pembina Valley and Westman saw a 3.5 per cent upward movement in values last year, partially due to potato growers’ revenues increasing “significantly.” The average per-acre land value in this category was $12,900.
“This led to stable increases for irrigated land,” said the report.
Much like Alberta, there were few sales of irrigated land as landowners held onto their properties.
Pastureland values in Manitoba rose by 8.6 per cent per acre in 2024. The highest increase was in the Interlake region at 16.1 per cent. Although that percentage may appear significant at first glance, the report said Manitoba pastureland generally sells for less than the same type of land in other Prairie provinces.
“Therefore, a similar dollar per acre increase in other provinces would yield a lower percentage change.”
The two other regions — Parkland and Westman — saw pasture prices increase by 7.6 and 4.7 per cent respectively. Values per acre were similar with Parkland at $500, Interlake at $600 and Westman at $700.
