In the lead-up to the disastrous 2010 crop season, B.C. farmers’ net worth rose for at least the fourth year in a row, according to Statistics Canada.
The government number-cruncher released data June 24 that showed the average B.C. farm’s net worth in 2009 was $2,066,624, up $859 (a fraction of a per cent).
B.C. farmers are far wealthier than counterparts across the country. Canada-wide, the average farmer’s net worth is $1,372,153, according to Statistics Canada.
Farmers, however, had a rough 2010 given above-average Metro Vancouver rainfall that made it impossible to harvest crops such as potatoes.
Business in Vancouver has reported that increasing losses at B.C. farms have pushed B.C. farmers deeper into debt while counterparts in the rest of Canada enjoy profits. (See “Debt harvest highest in B.C.” – issue 1023; June 2-8, 2009.)
Statistics Canada data, however, shows that farmers’ net worth in B.C. rose 30.7% between 2005, when it was $1,581,190, and 2009.
That’s slightly less than the 32.5% rise in net worth for farmers across Canada between 2005, when it was $1,035,944, and 2009.
Glen Korstrom
Twitter: GlenKorstrom