Statement by Kevin Russell
Executive Director
Investment Property Owners Association of Nova Scotia
Standing Committee on Law Amendments
Bill 467
September 16, 2024
Thank you for the opportunity to speak on Bill 467.
Bill 467 prolongs the failed policy of rent control.
Before rent control was introduced in 2020, Nova Scotia experienced lower rent increases than Canadian jurisdictions like Ontario and BC that had rent control.
Since rent control was introduced in Nova Scotia, rents have skyrocketed on newly built units, driving up the overall rental costs.
This is why the independent Affordable Housing Commission recommended in 2021 to end rent control after the COVID-19 state of emergency.
But their independent, fact-based recommendation was ignored.
Three years ago, we told this committee that legislated rent control would result in higher rents and more homelessness.
MLAs across all party lines ignored our warnings and passed a law that made the housing and homelessness crisis worse.
Rent control caused thousands of rental properties to be sold.
In our 2022-member survey, over 3,000 rental units were reported at risk of being sold—a figure confirmed again in our 2023 survey.
With the rent cap now extended to 2027, we expect an acceleration in the number of small rental properties being sold. …[Read Full Statement]