Nova Scotia rents rise as supply still trails demand

Nova Scotia has become Canada’s most expensive rental market on average, according to a new report from Rentals.ca and Urbanation, even as rents fall in some larger provinces. The report says average rent in Nova Scotia reached $2,343 last month, slightly above British Columbia’s $2,328. Analysts said the province is still seeing strong demand while new supply has not kept pace, especially as more people move within Canada to the Atlantic region. Nationally, asking rents were about $100 lower than a year earlier, with Toronto and Vancouver both recording declines. But the report notes that demand remains uneven by unit type, with larger homes still in higher demand in some markets. Rental experts say current conditions may be more favorable for tenants in parts of Canada, depending on location and apartment size.