OXFORD — Farmland prices increased almost everywhere in Southwestern Ontario last year, with the most expensive hitting a median value of $30,000 per acre in Oxford and Perth counties, according to a survey by University of Guelph Professor Dr. Brady Deaton.
His annual survey asks farmers what prices they’re seeing on farmland in their area. Nearly 1,600 participated in the latest edition. Results are reported in median figures, rather than average figures which can be skewed by extreme examples on the high and low end.
Ontario’s top priced farmland of 2022 was in Oxford and Perth at $30,000, up significantly from the $26,500 and $25,000 respectively in 2021.
Waterloo Region posted the second highest price, at $28,000 per acre, up from $26,000. Middlesex County was third at $22,100 per acre, up from $20,000.
The survey also looked at farmland rental rates. Oxford, Perth and Huron were at the upper end with $350 per acre, up from $300 in 2021. The Niagara Region and Simcoe County were the lowest-priced farmland for rent at $100 per acre.
The report’s author cautions that the survey results are not useful for assigning a land value or rental rate on any specific land parcel.