Rent increases in New Brunswick to be capped at 3% starting Feb. 1
“We need cost control if we’re going to have rent control,” pointing to increases in property assessments of 10 per cent or more for some owners now faced with a three-per-cent cap on what they can take in. – Willy Scholten,the New Brunswick Apartment Owners Association
The Holt government has introduced legislation to impose stricter limits on rent increases in New Brunswick.
The rent cap bill will limit residential rent increases to three per cent a year starting on Feb. 1, 2025.
Housing Minister David Hickey introduced the bill on Wednesday. It’s expected to be debated and passed before the legislature adjourns for Christmas.
Any increases greater than three per cent that take effect before Feb. 1 will not change, including those covered by current rules that allow the spreading out of large increases over two to three years.
But the portion of any phased-in increase taking effect on Feb. 1 or later will also be capped at three per cent.
Landlords will be able to apply for increases above the three-per-cent cap, but only to a maximum of nine per cent, and only if they can show that the increases are needed because of renovations to their units. …[Continue Reading]