In 1997, the average price for an acre of cultivated farmland in east-central Saskatchewan was $289. A decade later, in 2006, it was $297 per acre, or about $48,000 for a quarter section. Land prices in other parts of Saskatchewan were also flat during that 10-year period. Meanwhile, most landowners in Manitoba and Alberta saw modest gains.
In 2007, farmland prices spiked. In many regions, prices increased 300 to 500 percent from 2007-21. In east-central Saskatchewan, the average quarter section in 2021 was now worth more than $300,000. The historical record cannot predict the future, but it’s a reminder that there are boom and bust periods for farmland prices.
In Manitoba, farmland values in the eastern half of the province were around $5,000 per acre in 2021, a $2,000 per acre premium over the parkland and western Manitoba. That’s because yields are typically higher and there’s more heat units, making it possible to achieve 150 to 200 bushel corn crops.
In Saskatchewan, spring wheat and canola yields are higher in the northern grain belt compared to the rest of the province, but land prices don’t reflect that yield advantage. Average land prices were $2,300-$2,400 per acre in the northeast and northwest, comparable to $2,200 in southeastern Saskatchewan and $2,400 per acre in the west-central region.
