The rising cost of land is making it harder than ever for young farmers to enter the business. And those barriers come at a time when a growing number of older farmers are planning to leave the industry.
Organizations promoting farm succession worry that if young people are unable to enter the industry, only the largest companies will endure, reducing the diversity of crops and livestock and widening the gap between Canadians and their sources of food.
Last year, the price of agricultural land rose by 10 per cent, which isn't unusual, he said in a recent interview."Over the last 10 years, we've had annual increases of about six to 10 per cent." The average dairy farm in Quebec is now valued at almost $5 million, he said, almost double what it was in 2011.
And while starting small has allowed her to open a farm, it has also come with its own challenges. Goat meat, she said, is uncommon in Quebec, and financial institutions are hesitant to lend to money for an operation they aren't familiar with. "The relationship between the price of the land and the revenue that can be expected from the land — that ratio is the highest we've ever seen," Gervais said in a recent interview."So we're really at prices that are the highest we've ever seen, not just in absolute value in dollars per hectare, but also relative to what can be generated in income."
A report released in early April by RBC found that 40 per cent of Canadian farm operators planned to retire over the next decade and that 66 per cent didn't have a succession plan.
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