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Why big Halifax landlords are reporting average rent increases above N.S. cap

Killam, CAPREIT recently reported annual increases of 4.3% and 8%, respectively

It’s been three years since Nova Scotia imposed a two per cent rent cap, yet rents have been rising faster than they have in decades.

Examining the public financial records of some of Halifax’s largest landlords — companies that own buildings like the Park Victoria Apartments and Quinpool Towers — sheds some light on why that is.

Since the rent cap was implemented in November 2020, two of these companies have reported year-over-year average rent increases in the municipality that were higher than the two per cent threshold.

Killam Apartment REIT (Killam) reported an average rent of $1,324 for its Halifax rental units in September, which was 4.3 per cent higher compared to the previous year. That’s according to the company’s management discussion report, which was released in November.

Meanwhile, Canadian Apartment Properties REIT (CAPREIT) reported an eight per cent increase over that same time, with average rent in the municipality rising from $1,380 to $1,490. …[Continue Reading]