Tara Clemett. (Canadian Press)

By The Canadian Press

Agriculture

Sask. Auditor says higher foreign ownership could artificially increase farmland prices.

Dec 3, 2024 | 3:37 PM

REGINA – Saskatchewan’s auditor says the province needs to do a better job tracking and enforcing rules on non-Canadians purchasing farmland.

Tara Clemett, in her latest report, says the province needs to keep on top of it because higher foreign ownership could artificially increase farmland prices.

Saskatchewan law allows foreign ownership of farmland of less than four hectares, but non-Canadian companies can apply for exemptions should they want more.

Clemett says there have been 140 exemptions granted over the last five years and that many of the larger exemptions were given to European companies.

She says the Farmland Security Board, which regulates the sales, is not always asking for proof of residency for farmland purchases by companies not registered in Saskatchewan.

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And she found the board does not have mechanisms to impose fines or penalties for companies that fail to provide such documentation.

(The Canadian Press)