The cost of farmland in northern Ontario is on the rise.

A new report from Farm Canada Credit says its value rose 8.9 per cent in the past year.

The cost per acre is still the lowest in the province.

The report notes land prices were three to four times lower than anywhere else in Ontario.

Prices ranged from $1,000 to 9,500 per acre.

In spite of the lower prices, the report notes there were a limited number of sales in 2023.

On a provincial basis, the value of farmland increased by 10.7%, brought upon by higher prices of land in the southern, southwestern and central regions.