Farmland values on PEI see major rise in 2022

The price of PEI farmland took a significant jump in 2022 according to the latest farmland values report produced by long-time agricultural economist J.P. Gervais.

According to the report, released in mid-March. Island farmland values shot up 18. 7 per cent last year, hot on the heels of increases of 15.2% in 2021 and 2.3% in 2020. Kings County showed the highest increase at 27.1 per cent with an average value of $6,000 an acre and a value range of between $4,000 and $8,200 an acre. The report notes farmland values in the eastern part of the province have traditionally lagged behind the other two counties.

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