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November 29, 2023COMMERCIAL RENT PRICE INDEX, SEPTEMBER 2023 Year-over-year (September 2023 vs September 2022)
From September 2022 to September 2023, the commercial rent price index for Nova Scotia increased by 3.5%. This was the third largest increase among provinces after Newfoundland and Labrador and Ontario. Nationally commercial rents were up 3.0%. All provinces reported higher commercial rents compared to one year ago, with Prince Edward Island, British Columbia and Saskatchewan reporting the slowest growth.
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-September 2023 vs January-September 2022)
Comparing the annual average commercial rent price index in the first nine months of 2023 with average values from the same period in 2022, Nova Scotia's commercial rents were up 6.8%. This was the second fastest growth among the provinces after Newfoundland and Labrador. 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. From the middle of 2021 to early 2023, Nova Scotia's commercial rents rose more rapidly than in any other province. Commercial rents in Nova Scotia have risen more than in 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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