Average farmland values in Alberta had moderate/stable increases with an overall average increase of 3.6% in 2021. The overall increase in 2020 was 6%. The largest increase was in the southern region. Extremely dry conditions across the province had little effect on farmland values in 2021, since lower yields were partially offset by high commodity prices. Most land transactions took place prior to the full impact of the drought. The range of values per acre is wide; large per cent increases on some lower-value land resulted in a small increase in per acre prices. The Southern region recorded a 6.2% increase in farmland values in 2021. Producers’ motivation to expand their land base was mostly behind the increase. In the Southern region, the value of irrigated land increased at a pace of 10.7%, which is higher than the rate observed for dryland in the same area.