Most Ontario farmers confident but not making big investments in their farms, OFA survey says

Farmers Forum staff

OTTAWA — A substantial majority of Ontario farmers are holding off on major capital improvements plans in 2024, but confidence levels otherwise remain strong, according to a recent Ontario Federation of Agriculture survey of more than 830 members.

The farm business confidence survey found that 71 % of respondents are taking a pause on big-ticket investments like expansion projects, new technology investments and land and equipment purchases in 2024. That was up slightly from the 68 % who said they maintained their operation at status quo in 2023.

The online survey, which was open to OFA members last December, also recorded 62 % of respondents with some degree of confidence in their outlook for the Ontario farm sector this year, while 78.5 % were somewhat to extremely confident in the outlook for their own farm business in 2024.

The survey results, according to OFA vice president and Grey County dairy farmer Paul Vickers, showed that the pressures of inflation, high interest rates, tax increases and global conflicts are having an impact on Ontario’s farmers. It also verified that the organization is on the right track advocating for lower farm taxes, as 76 % of respondents identified the tax burden as their top policy priority.

Rounding out the top policy priorities for farmers included seeking support in dealing with high energy costs, encouraging Ontarians to buy local food, and improving rural health care.