Canadian farmers faced a challenging year in 2024, with realized net income falling by nearly 26% to $9.4 billion—marking the steepest decline since 2018, according to Statistics Canada.
This drop was driven by falling crop prices, decreased government payments, and rising operating costs, despite some gains in the livestock sector. Here’s a breakdown of the key findings:
Key Takeaways for Farmers Across Canada
📉 Realized Net Income Down Significantly
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Realized net income dropped by $3.3 billion (-25.9%) to $9.4 billion, according to Statistics Canada.
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Excluding cannabis-related figures, income was down 23.0% to $9.7 billion.
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Income fell in every province except Prince Edward Island and Nova Scotia.
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Saskatchewan recorded the largest decline at $1.3 billion, primarily due to lower crop revenues.
🌾 Crop Receipts Fall as Prices Weaken
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Total crop receipts fell 6.2% to $52.1 billion, the largest percentage drop since 2003.
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The decline was largely due to lower prices for major grains and oilseeds, despite higher marketings.
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The Prairie provinces were hit hardest:
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Saskatchewan: -$1.7 billion
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Alberta: -$1.1 billion
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Manitoba: -$662.9 million
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💰 Government Payments Also Decline
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Total direct payments dropped 10.8% to $5.9 billion.
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Crop insurance payments, which made up nearly 60% of all direct payments, fell 10.2%, with the largest decreases in Alberta and Saskatchewan.
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However, AgriStability payments rose 50.5%, providing some financial cushion for affected producers.
🐄 Livestock Sector Shows Resilience
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Livestock receipts rose 6.9% to $39.9 billion in 2024.
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Cattle and calves led the gains, up 11.6% to $16.7 billion, fueled by strong beef demand and smaller herds in Canada and the U.S.
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The supply-managed sector posted slower growth (+2.0%) due to declining poultry prices.
📈 Operating Costs Continue to Rise
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Total farm operating expenses increased 2.4% to $78.3 billion.
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Interest expenses rose sharply for a second year, up 28.6%, as farm debt increased 14.1%—the biggest annual jump since 1981.
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Livestock and poultry purchases climbed 12.6%, while expenses for commercial feed and fertilizer declined by 10.7% and 7.2%, respectively.
💼 Total Net Income Reflects Bigger Picture
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Total net income, which adjusts for inventory changes, fell $5.2 billion to $7.7 billion.
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Excluding cannabis, total net income was $8.0 billion, down $4.9 billion from 2023.
Outlook and Considerations
This year’s data highlights the continued volatility in Canadian agriculture, driven by global markets, domestic policies, and climatic conditions. While lower input costs provided some relief, higher interest rates and weaker crop prices put serious financial strain on producers—especially across the Prairies.
According to Statistics Canada, these figures represent farm business income, not household income, and variations are expected based on farm type, size, and location. Additional farm-level data will be released later this year to further assess performance across the sector.
For more insights and data tools, visit the Statistics Canada Agriculture and Food Portal.
