Farm Credit Canada’s Farmland Value’s Economic Report looks at where farmland values could go for 2015 and some of the factors driving the prices.

FCC’s Senior Ag Economist J-P Gervais says we could see farmland values continue to increase adding that low Interest rates will help to play a key factor.

He adds they expect to see low interest rates continue through the rest of 2015 and into the new year.

"If you look at interest rates, low interest rates, if you look at 2015 to 2014 interest rates are lower than what they've been  especially when you use the short term interest rates and the five year fixed mortgage rate that some use but if you use the short term interest rates, interest rates are low and they tend to support farmland values."

He says other factors supporting farmland values right now is the low value of the Canadian dollar and its impact on crop receipts.

Farmland is a limited resource with only an estimated one to four percent changing hands in a given year.

The Three prairie provinces account for 80% of the total farmland in the country with Saskatchewan holding 38%.