Saskatchewan agriculture minister Lyle Stewart today announced a review of farmland ownership rules.
He said changes may or may not be made to the Farm Security Act, which governs who can own farmland in the province, but the government will consult in light of recent concerns about purchases by institutional investors.
During the review, pension plans and institutional investors will not be able to buy land.
Family trusts with fewer than 10 Canadian individuals listed as beneficiaries, however, will still be able to make purchases. Also during the review, the farmland security board will enforce regulations that require financing of purchases through financial institutions registered to do business in Canada or Canadian residents.
More details about the consultation process will be announced later but are expected to include a way for people to make online submissions, similar to the drainage consultations last year.
Contact karen.briere@producer.com
