Statistics Canada has released a balance sheet for the agricultural sector of the country. The report details assets, liabilities and equity for agriculture in each province.

Stats Canada says the value of equity in Canada’s farm sector totalled nearly $785 billion as of December 31, 2023. This is up $55 billion or 7.6 per cent from the same date one year earlier.

Every province reported growth in farm equity except British Columbia which was down 2 per cent. The biggest increase was 11.5 per cent in Saskatchewan. Equity gains in Ontario and Saskatchewan together accounted for more than 60 per cent of the national rise.

The value of total assets grew by $62 billion to over $923 billion. Almost all of this increase was the result of gains in farm real estate.

Total liabilities were higher in all provinces rising by $7.2 billion to nearly $139 billion. Ontario, Alberta and Quebec accounted for over three-quarters of the national increase. While current liabilities actually dropped, long term liabilities increased.

The report shows both assets and liabilities increasing over the past year, but asset values increased much more rapidly producing the increase in the value of equity.