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New report says farmland prices in Manitoba soaring
(COLIN CORNEAU / BRANDON SUN)
WINNIPEG — Soaring grain prices and limited supply are pushing Manitoba and Canadian farmland prices to new heights, according to a new report from RE/MAX.
In its 2012 Farm Edition report released today, the real estate firm said productive grain land in southwest Manitoba — the only local area covered in the report — is now hovering at between $1,200 and $1,500 an acre.
"Expansion is all the rage, with major market players accumulating as much acreage as possible — a fact that becomes increasingly obvious with each passing year," the firm said. "Yet, while strong demand characterizes the market for farmland in Southwest Manitoba, supply continues to present a challenge."
The report said few farms actually make it to the open market, with many being sold between neighbouring farmers. And those that do usually sell in less than 30 days, especially if priced at fair market value.
"With interest rates expected to remain low for the foreseeable future, demand will remain strong through to 2013," it adds.
RE/MAX, which looked at farmland prices in 16 markets across the country, said prices have increased almost across the board this year. And supply is tight in all of the markets surveyed.
It said selling prices per acre range from $800 to $1,500 in Northern Saskatchewan to as high as $40,000 to $60,000 in the British Columbia’s Fraser Valley.
murray.mcneill@freepress.mb.ca
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