The largest farmland owner in Canada differs with the country’s largest farm lender on where land values are heading in 2022.

Farm Credit Canada recently told The Western Producer that the ratio of land prices to farm income is at a historic high point with little room for future growth.

FCC chief economist J.P. Gervais wonders if commodity prices and interest rates are at a tipping point, which could result in a weakening of that key ratio.

That could in turn lead to a decrease in farmland values in the prairie provinces for the first time in decades.

“We’re at the top of the cycle for sure,” said Gervais.