Balance sheet of the agricultural sector, December 31, 2024 (revised)

Released: 2026-02-19

The value of Canada's farm sector equity totalled $833.4 billion as of December 31, 2024, up $39.3 billion (+5.0%) from the same date one year earlier. Farm sector equity growth slowed for the first time in five years, as total liabilities (+14.5%) grew at a faster pace than total assets (+6.4%). Farm equity rose in every province, with gains in Saskatchewan (+10.0%) and Alberta (+5.7%) accounting for over two-thirds of the national increase.

Chart 1 
Year-over-year percentage change in the value of total assets, total liabilities and equity, 2023 to 2024

Farm real estate drives increase in total asset value

The value of total assets grew $59.4 billion (+6.4%) from the same date one year earlier to reach $992.4 billion as of December 31, 2024. The value of farm real estate was responsible for over four-fifths of this increase and rose in every province except Newfoundland and Labrador. The higher farm real estate values were mainly due to gains in the value of farmland, which increased by $46.4 billion (+7.0%) to $713.3 billion in 2024.

The value of current assets rose $992.8 million (+1.7%) to $59.8 billion in 2024. The value of crop inventories was down $3.4 billion (-12.4%) to $23.8 billion, as crop prices dropped 13.6% and on-farm stocks increased 1.4%. Sufficient domestic and international supplies of grains and oilseeds continued to put downward pressure on prices, which have been declining since 2023.

The value of poultry and market livestock inventories grew $3.5 billion (+27.1%) to $16.6 billion as of December 31, 2024, on higher prices (+30.5%). Meanwhile, inventories were down (-2.6%). Historically high prices in the cattle markets fuelled the growth in the value of inventories, as domestic and international demand were steady. The value of breeding livestock grew by $4.1 billion (+26.7%) to $19.7 billion, as a result of higher prices.

Total liabilities rise in all provinces

The value of total liabilities rose $20.1 billion (+14.5%) to $159.0 billion as of December 31, 2024. This was the largest percentage increase in total liabilities since the series began in 1981. More than four-fifths of the rise was attributable to long-term liabilities, which grew $17.1 billion (+14.0%). Total liabilities grew in all provinces, with gains in Alberta (+17.5%), Ontario (+13.7%) and Quebec (+12.4%) accounting for over two-thirds of the national increase.

Chart 2 
Solvency ratio—debt, Canada, 2010 to 2024

Interest coverage ratio drops to the lowest level since 2007

The interest coverage ratio, which measures a farm business's ability to meet its interest payments, fell to 2.265 as of December 31, 2024—down for the second consecutive year and at its lowest level since 2007. A lower interest coverage ratio (net income before taxes plus interest expense, divided by interest expense) indicates that businesses are less able to service their debt obligations.

The ratio continued to contract because of a decrease in net farm income, which was due to the drop in crop inventories and to higher interest expenses.

Chart 3 
Efficiency ratio—interest coverage, Canada, 2010 to 2024

Contact information

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