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August 28, 2023COMMERCIAL RENT PRICE INDEX, JUNE 2023 Year-over-year (June 2023 vs June 2022)
From June 2022 to June 2023, the commercial rent price index for Nova Scotia increased by 3.8% - this was the second largest increase among provinces after Newfoundland and Labrador. Nationally commercial rents were up 2.9%. All provinces except Saskatchewan reported higher commercial rents.
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 been on a downward trend since October 2022.
Year-to-date (January-June 2023 vs January-June 2022)
Comparing the annual average commercial rent price index in the first six months of 2023 with average values from the same period in 2022, Nova Scotia's commercial rents were up 8.3% - the fastest growth among provinces. The national increase in commercial rents was 3.2% with gains in all provinces (slowest rise in Saskatchewan).
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 more rapidly than in any other province. Commercial rents in Nova Scotia have risen more than other provinces since 2019.
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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