Brenda O’Farrell
The Advocate
Higher interest rates in the past two years has had a negative impact on Quebec farms, with almost 20 per cent of producers seeking relief in the form of suspending repayment on capital, according to a survey by the Union des producteurs agricoles released earlier this spring.
Increasing costs, including higher interest rates compared with a few years ago, are pushing farming operations to the brink, making it more difficult to maintain financial viability, UPA officials explained as the results of its survey were unveiled.
A total of 3,552 farmers participated in the online survey, conducted by the provincial farmers’ union between March 25 and April 22.
Fifty-two per cent of respondents said they are at risk in 2024 of not meeting their financial obligations, an increase of 11 per cent compared with last year, when the UPA asked the same question.
Among the hardest hit, the survey shows, are operators of small farms and producers in more remote areas, transport represent higher costs.