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March 07, 2023COMMERCIAL RENT PRICE INDEX, DECEMBER AND ANNUAL 2022 Year-over-year (December 2022 vs December 2021)
From December 2021 to December 2022, the commercial rent price index for Nova Scotia increased by 13.8% - this was the largest increase among provinces. Nationally commercial rents were up 3.2%. All provinces reported higher commercial rents, with the slowest rise in Québec.
Year-over-year price growth in Nova Scotia's commercial rents peaked in the summer months. Part of this strong growth reflected a rebound from declines in the summer of 2021.
Annual (2022 vs 2021)
Comparing the annual average commercial rent price index in 2022 with average values from 2021, Nova Scotia's commercial rents were up 12.7% - also the fastest growth among provinces. The national increase in commercial rents was 3.7% with the slowest rise in Prince Edward Island.
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. Since the middle of 2021, Nova Scotia's commercial rents have been rising rapidly.
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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