N.B. apartment owners raise concerns over proposed rent cap
The New Brunswick government’s plan to implement a three per cent rent cap starting February 1, 2025, is drawing concern from apartment owners in the province.
Willy Scholten, president of the New Brunswick Apartment Owners Association, expressed frustration, noting that while the cap aims to protect tenants, it ignores the financial pressures facing property owners.
“We’ve been talking with the government about balance,” Scholten said. “This won’t work if we only have rent control without addressing the cost side of the equation—especially taxation, which is our major cost.”
Scholten highlighted rising property taxes as a key issue. New Brunswick landlords face a tax rate 1.5 times higher than in other Atlantic provinces, with assessments climbing by 70 per cent over the past five years.
“If costs rise 10 per cent but rent can only increase by three per cent, we’ll see fewer new buildings constructed and existing ones falling into disrepair,” Scholten said.
The government has committed to reviewing property tax policies, but changes are not expected until 2026. …[Continue Reading]