FORT ST. JOHN -- A new report by Farm Credit Canada has found the price of farmland in Northern B.C. has dropped, and properties stayed on the market for longer in 2023.

The 2023 FCC Farmland Values Report found that cultivated farmland in the region dropped in value by 3.2 per cent, an average they say is on par with the provincial average.

“Buyers appeared to have reached a maximum value they are willing to pay for cultivated farmland,” said the FCC in their report.

In the North, farmland is now valued on average at $2100 per acre with selling prices hovering the $800 to $3100 mark.

On average, farmland across British Columbia dropped by 3.1 per cent in 2023.

This in contrast to an eight per cent increase in 2022, and a 18 per cent increase in 2021.

The value of pastureland in Northern B.C. saw a gain of 8.4 per cent, however prices in the region remain the lowest per acre compared to the rest of the province.

The highest increase was in the northern part of the region, which despite the increase, is where values were the lowest per acre.

“A large increase in percentage did not represent a large increase in dollars on a per-acre basis,” said the FCC.

The report shows trends in land prices from January 1 to December 31, 2023, and represents 90 per cent of sales data collected the by Crown organization.

Farm Credit Canada provides financing to support entrepreneurs in the agriculture industry and reports to the Ministry of Agriculture and Agri-Food.