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
Half of Canadians have negative opinion of latest Liberal budget: poll
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
NEW 'One of the single most terrifying things ever': Canadian couple among tourists on sinking sailing boat tour abroad
A Toronto couple are speaking out about their “extremely dangerous” experience on board a sinking tour boat in the Dominican Republic last week.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
An Ontario senior called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Accused of burglary at stepmother's home, U.S. senator says she wanted her father's ashes: charges
A Minnesota state senator and former broadcast meteorologist told police that she broke into her stepmother's home because her stepmother refused to give her items of sentimental value from her late father, including his ashes, according to burglary charges filed Tuesday.
Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.