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June 03, 2024COMMERCIAL RENT PRICE INDEX, MARCH 2024 Year-over-year (March 2024 vs March 2023)
From March 2023 to March 2024, the commercial rent price index for Nova Scotia increased by 2.2%. Nationally commercial rents were up 1.8% with notably faster growth in Newfoundland and Labrador and Manitoba. All provinces except New Brunswick reported higher commercial rents compared to one year ago.
Year-over-year price growth in Nova Scotia's commercial rents peaked in the summer months of 2022. Part of this strong growth reflected a rebound from declines in the summer of 2021. Nova Scotia year-over-year commercial rents growth has slowed and been similar to the national pace for the last three quarters.
Year-to-date (January-March 2024 vs January-March 2023)
Comparing the annual average commercial rent price index in the first quarter of 2024 with average values from the same period in 2023, Nova Scotia's commercial rents were up 2.3%. The national increase in commercial rents was 1.9 % with gains in all provinces except New Brunswick (fastest rise in Manitoba, followed by Newfoundland and Labrador).
Nova Scotia's commercial rent price index has been more volatile than indices for other provinces, with large downward movements at the beginning of the pandemic as well as in the first half of 2021. From the middle of 2021 to early 2023, Nova Scotia's commercial rents rose more rapidly than in any other province. Since 2019, commercial rents in Nova Scotia have risen by more than in any other province.
Notes: Statistics Canada's price index measures monthly changes in the net effective rent for the occupied commercial building spaces such as offices, retail buildings, industrial buildings and warehouses. Although the data series is monthly, it is only published at the end of each quarter.
Source: Statistics Canada. Table 18-10-0255-01 Commercial rents services price index, monthly
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