N.S. Landlords Group Wants Tax Assessments Capped To Combat Rising Costs
In a release late last week, the Investment Property Owners Association of Nova Scotia (IPOANS) said an increasing number of landlords either must sell their properties or face bankruptcy.
Kevin Russell, the director at IPOANS, says this financial situation is caused by the crushing tag team of 9 percent provincial inflation and Nova Scotia’s two percent rent cap.
“In Nova Scotia, it’s now 9.3 percent inflation and we’re only allowed a 2 percent rent increase,” said Russell. “It’s causing a lot of stress and anguish among rental housing providers.”
“Rental housing providers are in negative cash flow, which means they’re losing money.
Landlords are increasingly contemplating leaving the industry, and some have. They’re having to make the choice of hanging in, with the chance of going into bankruptcy, or selling their asset.”
Russell said the best solution would be to lift the rent cap, but he knows the Houston government isn’t willing to do that, yet. So, he is hoping the province will be open to other ideas for landlord relief. …[Read More]