SASK. PARTY ADMITS TO ALLOWING BIG OUT-OF-PROVINCE REAL ESTATE TRUST AND INVESTMENT FUNDS TO BUY UP SASKATCHEWAN FARMLAND

Sask NDP Call on the Sask Party Government to Step Up and Act To Prevent Investment Funds And Trusts From Buying Saskatchewan Farmland, Especially as Monette Farms’ Assets Hit Market
REGINA – Carla Beck's team is calling out the Sask. Party after Scott Moe’s Agriculture Minister admitted the government is allowing big, out-of-province real estate investment trusts and funds to buy up, consolidate and speculate Saskatchewan farmland.

For example, the Sask. Party government admitted when facing questioning in committee that they gave a greenlight to Avenue Living — a large Alberta real estate trust that owns more than 80,000 acres of Saskatchewan farmland.

“For 20 years, this government has been soft on illegal foreign land ownership, and they’ve been allowing large out-of-province investment trusts and funds to buy up and consolidate Saskatchewan farmland,” said Trent Wotherspoon, Saskatchewan NDP Shadow Minister for Finance & Deputy Agriculture Shadow Minister.

“Farming is the backbone of Saskatchewan’s economy, and this government should be committed to ensuring fairness and opportunity for producers.”

The government also revealed in estimates that multiple other trusts and investment funds have been allowed to buy up Saskatchewan farmland but refused to provide names, the number of investment entities or the total number of acres owned.

Last month, the government also refused to support legislation from Wotherspoon to crack down on illegal foreign farmland ownership including by upping fines from $1,000 and $50,000 to $1 million for individuals and $500,000 for corporations to $10 million.

The Saskatchewan NDP is highlighting that it's particularly important for the government to crack down and act as very large amounts of farmland will likely be hitting the market with the creditor protection process of Monette Farms.

“As a very large amount of land is about to hit the market, this Sask. Party government must step up, crack down and act to protect the interests of and ensure fairness for producers and multi-generational farms and not allow this land to be bought up and consolidated by investment trusts and funds, or illegal foreign ownership,” said Wotherspoon.

“This government has downplayed the very real concerns of producers for far too long. Clearly, it’s long past time to stand up for Saskatchewan producers and ensure fairness and opportunity. It’s time for change.”

Carla Beck’s team is calling on the Moe government to immediately disclose which investment trusts and funds own Saskatchewan farmland and how many acres they own.

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