Land Values 2024 : simplebooklet.com

OVERVIEWAUTHORED BY RYAN PARKERI hope everyone is having a great start to 2025. There are plenty of reasons to be excited thisyear from the old-school winter we are enduring to the all-but-sure reality that the Leafs will atleast win a game or two in the first round of the playoffs. For any of you who are not sooptimistic about the year to come, you must be reading too much about politics. Our federalgovernment is on holiday; our provincial government has pulled the goalie while up a goal, and ofcourse the guy to the south who’s never met a mirror he didn’t like is back threatening us withpunitive tariffs.Somewhere in between the optimistic and the pessimistic is where farmland values inSouthwestern Ontario reside currently. Average farmland values from 2023 to 2024 havedipped into negative territory for the first time since I began this study in 2010. This drop, assmall as it is at -1.43%, is an indication that lower crop prices, or at least lower crop margins, haveappeared to put a halt to the rapid increase in average values that we have experienced inrecent years.However, the back story to this small drop in average values is worth exploring given the starkdifferences from area to area. There are certainly areas in counties like Elgin, Lambton, Kent,Essex and Bruce where obvious decreases in values occurred in 2024. These areas had somesimilar themes; less desirable soil, not enough sources of demand and too much land availablefor sale all at one time. There are also areas in 2024 that experienced rapid increases in values,including pockets in counties like Grey, Huron, Lambton and Middlesex. These areas usually hadsome combination of significant livestock influence, steady demand from migration (i.e. peoplemoving from south to north) and limited amount of land available for sale.Looking ahead to 2025, I expect the change in the average value of farmland in SouthwesternOntario will continue to hang around 0%. If we look at the two main drivers ofincreases/decreases on values, interest rates are likely going to go lower this year with aneconomy that is going to have to deal with tariffs. These lower rates, as always, will help to givefuel to the land market. However, commodity prices could be in big trouble from tariffs and anyfaltering on that side of the ledger will put pressure on land values. Additionally, the potentialnegative impact on our livestock and poultry profitability due to tariffs is something that couldalso really slow demand in our core-livestock areas.As always, I look forward to seeing many of you in my travels in 2025 as you continue to makemoves to grow and enhance your family farms. RYAN PARKER COPYRIGHT © 2024This report and all the contents of this report are proprietary and cannot be used in or for any type of presentation,appraisal, or separate study without written permission from the Author. Any violation of this copyright will be viewed asa direct infringement of the copyright of this report. To view the Full Disclaimer please refer to the last page of the Report.

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000$30000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$40000$5000011.3%Figure 1: Average land values for Huron County HURON COUNTYV A L C OFigure 2: Low and High land values for Huron CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeHuron County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 17253972023 Top Farm Cash ReceiptHogs $341,290,000Source for Yields and Receipts: OMAFRA-2.7%,,,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$40000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$40000$50000$600001.7%11%Figure 1: Average land values for Perth County PERTH COUNTYV A L C OFigure 2: Low and High land values for Perth CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangePerth County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 17854982023 Top Farm Cash ReceiptDairy $328,250,000Source for Yields and Receipts: OMAFRA,,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$40000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$40000$500003.2%10.1%Figure 1: Average land values for Oxford County OXFORD COUNTYV A L C OFigure 2: Low and High land values for Oxford CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeOxford County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 17853992023 Top Farm Cash ReceiptDairy $351,560,000Source for Yields and Receipts: OMAFRA,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000$30000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$40000$5000012.7%Figure 1: Average land values for Middlesex County MIDDLESEX COUNTYV A L C OFigure 2: Low and High land values for Middlesex CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeMiddlesex County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 17552922023 Top Farm Cash ReceiptHogs $201,390,000Source for Yields and Receipts: OMAFRA-0.2%,,,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$400001.1%12.7%Figure 1: Average land values for Elgin County ELGIN COUNTYV A L C OFigure 2: Low and High land values for Elgin CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeElgin County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 17553912023 Top Farm Cash ReceiptSoybeans $183,630,000Source for Yields and Receipts: OMAFRA,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$400005.3%12.8%Figure 1: Average land values for Lambton County LAMBTON COUNTYV A L C OFigure 2: Low and High land values for Lambton CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeLambton County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 16948832023 Top Farm Cash ReceiptSoybeans $205,850,000Source for Yields and Receipts: OMAFRA,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$400009.8%Figure 1: Average land values for Kent County KENT COUNTYV A L C OFigure 2: Low and High land values for Kent CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeKent County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 18353942023 Top Farm Cash ReceiptField Vegetables $252,630,000Source for Yields and Receipts: OMAFRA-1.3%,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000$30000$350009.3%Figure 1: Average land values for Essex County ESSEX COUNTYV A L C OFigure 2: Low and High land values for Essex CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeEssex County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 17452802023 Top Farm Cash ReceiptGreenhouse Vegetables $1,222,740,000Source for Yields and Receipts: OMAFRA-6.7%,,,,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000$30000$350000.1%13.6%Figure 1: Average land values for Bruce County BRUCE COUNTYV A L C OFigure 2: Low and High land values for Bruce CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeBruce County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 16350932023 Top Farm Cash ReceiptBeef $273,620,000Source for Yields and Receipts: OMAFRA,,,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000$30000$3500011.1%14.3%Figure 1: Average land values for Grey County GREY COUNTYV A L C OFigure 2: Low and High land values for Grey CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeGrey County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 15347892023 Top Farm Cash ReceiptBeef $198,150,000Source for Yields and Receipts: OMAFRA,,,,,,,,,,,,

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201020112012201320142015201620172018201920202021202220232024$0$5000$10000$15000$20000$25000$30000$35000RYAN PARKER COPYRIGHT © 2024201020112012201320142015201620172018201920202021202220232024$0$10000$20000$30000$40000$5000010.2%Figure 1: Average land values for Wellington County WELLINGTON COUNTYV A L C OFigure 2: Low and High land values for Wellington CountyV A L C O2023-2024 2010-2024 Figure 3:AverageChangeFigure 4:AverageChangeWellington County’s 5 Year Average Crop Yields(bushels/acre) CornSoybeans Winter Wheat 16550922023 Top Farm Cash ReceiptBeef $277,350,000Source for Yields and Receipts: OMAFRA-2.3%,,,,,,,,,,,,

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PARAMETERSThis study has been completed to provide information on agricultural land values in thegeneral Southwestern Ontario region. The Counties of Huron, Perth, Oxford, Middlesex,Elgin, Lambton, Kent, Essex, Bruce, Grey and Wellington have all been analysed in thisreport.Only sales that occurred in 2024 were selected for the 2024 study. The majority of thesales chosen had no building improvements (vacant land), with the exceptions beingminimally improved properties (i.e. older house and shed) which have had the value of theimprovements extrapolated. Also, the sales utilized were considered to be used solely forfarming purposes. The sales have been analysed on a per tillable acre basis, as this rate isbelieved to be the most accurate reflection of the value of agricultural land.In stating land values in this report, the average unit of measurement was used. The samestudy was completed from 2010 to 2023, with those results also shown in this report. The information contained in this report was obtained from sources believed to be reliable.Certain information in this report has been accepted at face value; especially if there is noreason to doubt its accuracy. Certain empirical data required interpretive analysis pursuantto the objective of this report. However, I have not verified its accuracy and make noguarantee, warranty or representation regarding it. The specific sales data provided issubject to the possibility of errors, omissions, mistakes in calculation of total and tillableacre sizes, as well as error in reported sale price and/or sale date. Although an attempt hasbeen made to find every pertinent sale in the areas described, it is not possible to confirmthat this is the case. This report and all the contents of this report cannot be relied on for any financing,accounting, litigation, expropriation, and/or any other use without written permission fromthe author. This report and the studies were completed as an informative tool and werecompleted independently for no particular client. This report and all the contents of this report are proprietary and cannot be used in or forany type of presentation, appraisal, or separate study without written permission from theauthor. Any violation of this copyright will be viewed as a direct infringement of thecopyright of this report. RYAN PARKER COPYRIGHT © 2024DISCLAIMER

Land Values 2024

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