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November 27, 2025COMMERCIAL RENT PRICE INDEX, SEPTEMBER 2025 Year-over-year (September 2025 vs September 2024)
From September 2024 to September 2025, the commercial rent price index for Nova Scotia increased by 6.7%, the fastest increase among provinces. Nationally commercial rents were up 3.2%. All provinces reported higher commercial rents compared to one year ago except Saskatchewan, which had a decline in commercial rents compared to September 2024.
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 recently accelerated, and has been above the national rate since April 2025.
Year-to-date (January-September 2025 vs January-September 2024)
Comparing the commercial rent price index for the first nine months of 2025 with the same period in 2024, Nova Scotia's commercial rents were up 2.4%. The national increase in commercial rents was 2.8% with gains in all provinces except Newfoundland and Labrador, with the fastest rise in Ontario.
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, and have recently re-accelerated. 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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