A mini-conference in Guelph this week looked at whether Ontario is in jeopardy of another farm financial crisis.
OMAFRA Senior Economist Steven Duff says outstanding farm debt in Ontario is 21 billion as of 2013, 72 percent higher than 10 years prior.
Average net farm income has risen nearly 60 percent since 09, and large differences between farm types exist due to varied scale of operations.
Total farm asset value was 136 billion in 2013; top contributors were land/buildings valued at 106 billion, quota at 12 billion, machinery/equipment at 7.8
Farm bankruptcies: 125 in 1979, 551 in 1984, 66 in 2013
Average net worth for Ontario farms: 2009-1.4 mil., 2013-2.4 mil.
Greater than 20 percent of farms in Ontario have negative net farm income. This is forecasted to increase over time, and some farmers may have issues servicing their debt.
Despite that, Duff and his fellow panelists believe that Ontario agriculture is in a stable state and not in immediate danger of a financial crisis.
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Ministry Senior Economist Steven Duff talked about the biggest challenges facing the province's farmers this year.
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OMAFRA Researcher Greg Pate was asked whether he felt farmers would be able to comfortably cover their interest rates in the coming years and what farmers can do to stay stable.
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