Farm incomes smashed records in 2015: Agriculture Canada

OTTAWA -- Agriculture Canada says 2015 could be a bumper year for farm incomes.

The department says in its annual farm outlook that farm incomes reached record levels in 2015 and will remain above average this year.

See Full Article

"Our analysis shows that 2015 and 2016 should be among the most successful years in the history of Canadian agriculture," Rodney Myer, director of the farm economic analysis division, said in a conference call Friday.

"We expect that net cash income in 2015 will reach $15 billion, which is about six per cent above the record set in 2014."

The report provides a forecast of farm income in the agricultural sector for the previous and current calendar years and looks ahead ten years to longer term trends that could impact the agriculture sector.

Myer said they're expecting a decline to $13.6 billion this year, but he says that's still historically high. It's 14 per cent higher than the 2010-2014 average.

The average net operating income in 2015 is forecast to be $77,287.

The average net worth per farm is expected to reach $2.7 million this year.

"Early in the 2015 growing season, there was significant concern that widespread dry conditions in Western Canada would result in a short crop and a sharp decline in farm cash receipts," said Myer.

But Myer says "late summer rainfall rejuvenated withered crops."

The outlook says a projected increase in both crop and livestock receipts contributed to strong income levels.

Livestock receipts are expected to increase two per cent to $26.2 billion in 2015, while crop receipts are expected to have also increased two per cent to reach $30.7 billion in 2015.

The outlook also says lower oil prices have significantly reduced on-farm fuel expenses, while the lower Canadian dollar has improved competitiveness of agricultural commodities in export markets.

"If that persists throughout 2016, Canadian producers could see further improvements in the prices they receive," Myer said.


Latest Economic News

  • Trans-Pacific Partnership trade deal doomed, ex-PM Brian Mulroney predicts

    Economic CBC News
    Former prime minister Brian Mulroney says the Trans-Pacific Partnership trade deal is doomed to fail because of hostility in the U.S. Congress. Mulroney made the prediction today after taking part in a ceremony to formally announce plans for the Brian Mulroney Institute of Government at his alma mater, St. Source
  • 'Muted' Canadian wage hikes seen next year: Conference Board

    Economic CBC News
    Canadian workers in non-union jobs can expect 'muted" wage hikes next year, with the lowest increases going to workers in Alberta and in the oil and gas industry, the Conference Board of Canada said Wednesday in a new report. Source
  • Apple struggling to keep up with demand for iPhone 7 Plus

    Economic CBC News
    Apple Inc's shares slipped as much as four per cent after the company said it was struggling to keep up with demand for its large-screen, higher-margin iPhone 7 Plus, potentially reducing sales and profits in the Christmas shopping period. Source
  • Global gender gap list puts Canada at 35th

    Economic CBC News
    Canada has come 35th — sandwiched between Luxembourg and Cape Verde — in the latest World Economic Forum annual report on gender-based disparities around the world. Iceland, Finland, Norway and Sweden are the top four countries on the WEF's Global Gender Gap index, which measures differences between men and women in economics, education, health and political empowerment among 144 countries. Source
  • New York's MoMA acquires original set of emojis

    Economic CTV News
    NEW YORK -- Back in the day, before cars could drive themselves and phones could send stickers and animations, a Japanese phone company released a set of 176 emojis. The year was 1999 and the tiny 12-by-12 pixel designs -- smiley faces, hearts of the intact and broken variety, cats, and so on -- were mainly popular in Japan. Source
  • Vale fined $1M after deadly rock-crusher incident in Sudbury

    Economic CTV News
    Vale Canada Limited has been fined $1 million after a worker at its plant near Sudbury, Ont. was killed and another was injured while trying to clear a jam in a rock-crushing machine. The mining company pleaded guilty to failing to ensure that gravity-stored energy was dissipated or contained while work was being done on the crusher, and to failing to provide information, instruction and supervision to a worker on a safe procedure to remove a broken piece of machinery from the crusher. Source
  • CMHC raises its overall risk rating for national housing market to strong

    Economic CTV News
    TORONTO - Canada's federal housing agency says there is rising evidence of risk in the country's real estate markets as home prices have climbed faster than income and population growth. Canada Mortgage and Housing Corp. Source
  • Red alert: Most Canadian housing markets overvalued, CMHC says

    Economic CBC News
    It's not just Toronto and Vancouver. Most of Canada's housing markets are currently overvalued, according to the latest quarterly market assessment from the Canada Mortgage and Housing Corporation (CMHC) . Saying it has found "strong evidence of problematic conditions," for the country as a whole, CMHC singled out nine of the country's 15 biggest housing markets as being particularly overvalued. Source
  • 'Go home,' indigenous leader tells protesters after Muskrat Falls meeting

    Economic CTV News
    ST. JOHN'S, N.L. -- Indigenous leaders and the Newfoundland and Labrador government are telling protesters at the site of the Muskrat Falls hydro project they can "go home." The leaders emerged from a marathon meeting with Premier Dwight Ball early Wednesday touting significant progress made to address environmental concerns with the Labrador megaproject. Source
  • Women won't earn as much as men for 170 years: report

    Economic CTV News
    GENEVA -- The global gap in earnings between men and women will not be closed for another 170 years if current trends continue, according to a new report from the World Economic Forum. The Switzerland-based forum's annual Global Gender Gap Report, released Tuesday, lists economics and health as the most challenging disparities between men and women worldwide. Source