An acre of farm land and buildings in Newfoundland and Labrador was worth approximately $7,497 as of July 1, 2021. This value represents the worth of agricultural land combined with its associated buildings.
Understanding Land Value in Newfoundland and Labrador
The value of land, especially agricultural land, can vary significantly based on location, soil quality, proximity to markets, and infrastructure. In Newfoundland and Labrador, the value per acre for farm land and buildings reflects the overall market conditions for agricultural properties within the province.
According to data compiled on the value per acre of farm land and buildings:
| Geography | Value per Acre (2021) |
|---|---|
| Newfoundland and Labrador | $7,497 |
| Prince Edward Island | $4,664 |
| Nova Scotia | $3,313 |
| New Brunswick | $3,432 |
This data highlights that, among these Atlantic provinces, Newfoundland and Labrador had the highest reported value per acre for farm land and buildings in 2021.
Factors Influencing Farm Land Value
Several elements contribute to the market value of an acre of farm land and buildings:
- Location: Proximity to urban centers, major transportation routes, and processing facilities can increase value.
- Land Quality: Fertility of soil, drainage, and topography directly impact agricultural productivity and, consequently, value.
- Infrastructure: The presence of essential services like electricity, water access, and irrigation systems adds to the land's worth.
- Building Condition: The age, size, and condition of barns, storage facilities, and residential buildings on the property significantly influence the overall valuation.
- Market Demand: Local economic conditions, interest rates, and the demand for agricultural products can influence land prices.
For those interested in specific land types or current market trends, consulting real estate professionals specializing in rural or agricultural properties in Newfoundland and Labrador is recommended, as values can fluctuate over time.
