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Rising Farmland Values Defy Elevated Interest Rates in 2023

Canadian farmlands have seen an unexpected value growth in 2023, despite economic headwinds and rising borrowing costs. The national average growth rate for dryland farmland values in the first half of the year was 7.7%, with Saskatchewan and Quebec leading the way with 11.4% and 10.6% increases respectively. Ontario and Manitoba also saw growth of 6.9% and 6.4% respectively. Farm cash receipts are also projected to increase by 6.6%, thanks to limited availability of farmlands for sale. Saskatchewan remains a focal point for its uniform demand and value appreciation, while Ontario's crop yield is uncertain due

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