IPOANS appeared before HRM’s Budget Committee on Wednesday presenting the following presentation.
Statement by Kevin Russell
Budget Committee
Halifax Regional Council
January 24, 2024
Mr. Mayor, Councillors, and Staff:
Thank you for the opportunity to present on the proposed 2024-2025 budget.
The Investment Property Owners Association of Nova Scotia (IPOANS) has been the voice of responsible private sector rental housing providers since 1978.
Our members reflect the diversity of those in the private sector who provide rental housing in Halifax Regional Municipality – from large organizations owning thousands of units to smaller operators for whom this is their sole livelihood.
Our members are the number one source of affordable housing in the city.
We provide a much larger source of affordable housing than not-for-profits or public agencies.
Unfortunately, it’s becoming next to impossible to keep rents affordable on new rental units and for first time renters.
All of the costs rental housing providers face are going up, up and up.
- Building costs.
- Materials.
- Labour.
- Mortgage rates.
- And taxes, including federal and municipal carbon taxes.
Thanks to the Nova Scotia government imposing rent control since 2020, many rental housing providers have been financially crippled.
Rental housing providers are being forced to sell their properties.
That means, more people are being placed at risk of homelessness.
That is not the fault of rental housing providers. …[Continue Reading]