And the supply will remain tight all year long, according to a report from Farm Credit Canada.
Prices are high partly because much of the machinery comes from the United States and exchange rates have pushed prices up.
FCC economist J.P. Gervais said demand is high because farmers selling crops at higher prices have more money to spend.
Inventories are low because manufacturers have not yet fully recovered from the COVID-19 pandemic impacts of supply chains and staff.
Tractor inventory levels are down 42 per cent and combines are down 47 per cent from the five-year average, he noted. Inventory will remain low through 2024, the report predicts.
