Rent Control

Rent control in the province will be in place for another year and a half, but the Investment Property Owners Association of Nova Scotia is already anticipating there will be political pressure to maintain the status quo. 

“It’s something we’re very concerned about, it’s an issue that’s impacting the industry negatively across the board,” said Kevin Russell, executive director of the IPOANS. “You look at inflation, now over eight per cent, and rental housing providers can only increase rents by two per cent. So, there’s a financial impact on our members, particularly the smaller members that have one or two or six units. They’re struggling financially because their rents aren’t covering the expenses.”

Landlords can take in “auxiliary revenues” from laundry machines or by leasing rooftop space for the installation of a cellphone tower, for example, but 97 per cent of their revenue comes from rent, says the association. …[Read More]