The average value of Alberta farmland increased 7.3% in 2017, following average gains of 9.5% in 2016 and 11.6% in 2015. Values were driven by both demand and weather. While the province experienced steady demand in all regions, there were pocked of very strong demand from competing farm operations as well areas of decreased demand due to overly dry conditions. Southern Alberta was impacted in 2017 by a lack of rainfall on dryland, however this was offset by the pockets of increased demand. The Southern Alberta region’s irrigated land saw a stead to increase demand combined with limited supply leading to higher overall increase of 11.4%.
Average sale price in Drumheller for the first 9 months of 2017 was $200,702 with 67 sales, compared to 80 sales for the same period in 2016 that had an average price of $210,460 (down 4.6%).
The average value of Alberta farmland increased 9.5 per cent in 2016, following gains of
11.6 per cent in 2015 and 8.8 per cent in 2014. Values in the province have continued to
climb since 1993.Despite an economy hurt by depressed oil and gas prices, Alberta reported the second highest average farmland values increase in Canada, eclipsed only by Prince Edward Island. The province’s 9.5 per cent average increase was largely buoyed by grain sector expansion in the north, as well as activity from non-traditional buyers in the south. While competition for available farmland also increased prices in other regions, farmland on the outskirts of urban centres saw reduced prices due to the general economic downturn. Some adverse weather, as well as depressed oil and gas prices, placed downward pressure on farmland values, while large farm expansion and competition
between beef and grains sectors in some areas helped boost the value of marginal cultivated forage or pasture acres.
Total sales for the first have of 2017 have increase with 202 sales in comparison to 181 for the first half of 2016. This total sale amount is for Brooks, County of Newell, Drumheller, Hanna and the surrounding districts. The average sale price for the 39 home sales in Drumheller decreased to $184,757 from $200,018 for the first half of 2016 with 44 sales. Many older lower price homes have sold during the 2017 period. There are currently 111 houses for sale on the MLS for Drumheller.