Land prices in Canada are surging over the past 2 years on top of a very strong 10 year period of double digit growth.
If we look into what is driving up prices, there are a number of factors that are common among the provinces, namely urban sprawl. Property developers are buying up land close to urban centers to develop new suburbs and shopping malls. Speculators have also entered the market, it is local farmers who are missing out by being priced out of the market.
Investment funds looking to cash in on the seemingly endless rise in prices are buying up large acerages that they can sit on for 5 or 10 years and lock in 1,000's% growth rates.