Farmers encouraged to adjust business plans as farm values increase
Apr 24, 2018 | 2:27 PM
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LETHBRIDGE — Farm Credit Canada’s chief agricultural economist says the steady increase in farmland values across Canada means now is a good time for producers to review and adjust their business plans.
J.P. Gervais suggests plans should reflect variable commodity prices and slightly higher interest rates, as well as overall financial position and focus on increasing productivity.
Gervais says it’s also a good idea to have a risk management plan in place to protect your business against unforeseen circumstances and events.
The average value of Canadian farmland increased 8.4 per cent in 2017, following a gain of 7.9 per cent in 2016.
