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Cracks Are Forming With The Rent Caps

If you’re a landlord, you have not received a lot of sympathy or support in the last couple of years. Prior to Nova Scotia and New Brunswick implementing rent control, there were stories about renters receiving outrageous rent increases – sometimes over 100 percent. Then there were the instances of “renovictions,” which left people scrambling for a new home in cities with extremely low vacancy rates.

Putting in a rent cap was needed to stop the bleeding, and to stop the uncertainty for renters. But the inflexibility of the cap will produce unintended consequences that may further hurt the rental landscape.

Last year, Tim Houston himself admitted he had fears that the two percent rent cap could price out smaller landlords. His government still went ahead with extending the cap anyway, with no wiggle room for rising operating costs and inflation. …[Read More]