Nova Scotia's 2 per cent rent cap is being extended, but at a higher rate
Nova Scotia introduced an amendment to the Residential Rental Cap Act that will see a five per cent cap come into effect Jan. 1, 2024, which will remain in effect until Dec. 31, 2025.
The province's current two per cent cap was established in November 2020 and will remain in place until Dec. 31, 2023.
“When deciding on a five per cent increase per year for the next two years, we took into account the projected rate of inflation over that time. We chose five per cent to allow landlords to catch up with inflation while avoiding any large rate increases for tenants,” says Service Nova Scotia Minister Colton Leblanc.
This means someone paying $1,500 a month will see their rent increase by $75.
Joanne Hussey, a community legal worker with Dalhousie Legal Aid, was concerned the province was going to scrap the rent cap all together.
“I think we were really worried about the impact that would have on our clients and on tenants generally. I think renters in this province have been feeling that squeeze of rents getting much higher, their incomes not changing and their options being fewer and fewer,” Hussey says.
Property owners on the other hand were hoping Leblanc was going to pull the plug on the cap.
Still, Peter Polley says the increase to five per cent is too little, too late.
“If you mathematically add together the two per cent the last two years, plus five going forward, that would be less than half of inflation, call it the broad based inflation level. Which is a fraction of what we are incurring at the property level in terms of what is happening with our property taxes that are skyrocketing, our insurance, water, everybody knows electricity,” says Polley.
The rent cap applies to residential tenants who are renewing their lease or are signing another fixed-term lease for the same unit.
CTVNews.ca Top Stories
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Maple Leafs fall to Bruins in Game 3, trail series 2-1
Brad Marchand scored twice, including the winner in the third period, and added an assist as the Boston Bruins downed the Toronto Maple Leafs 4-2 to take a 2-1 lead in their first-round playoff series Wednesday
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
New Indigenous loan guarantee program a 'really big deal,' Freeland says at Toronto conference
Canada's Deputy Prime Minister Chrystia Freeland was among the 1,700 delegates attending the two-day First Nations Major Projects Coalition (FNMPC) conference that concluded Tuesday in Toronto.
'Life was not fair to him': Daughter of N.B. man exonerated of murder remembers him as a kind soul
The daughter of a New Brunswick man recently exonerated from murder, is remembering her father as somebody who, despite a wrongful conviction, never became bitter or angry.