The Nova Scotia government has decided to extend the cap on rent increases until 2025, raising it to a maximum of 5%.
This latest measure is an effort to provide tenants with a degree of stability and security in their rental arrangements. The extension of the rent increase cap was announced by the province’s Minister of Municipal Affairs and Housing, Chuck Porter, on Sunday, who stated that this was an important step in ensuring the continued affordability of rental housing in the province.
The Nova Scotia government first introduced the cap on rent increases in 2019, when it limited the amount that landlords could raise rents to a maximum of 2.5 percent annually. The current extension will see the cap raised to 5 percent.
The minister noted that this extension is part of the government’s efforts to address Nova Scotia’s housing crisis, with a particular focus on ensuring that vulnerable populations are not affected by rising rental costs. He added that the government is also currently developing a rental assistance program to further support those in need.
The extension of the rent increase cap has been welcomed by housing advocates, who have long pressed the government to take action to ensure that rental costs remain affordable and accessible for all.
The rent increase cap is set to remain in place until December 31, 2025. The Nova Scotia government will review the impact of the measure at that time and may consider further changes to ensure that rental housing remains accessible for Nova Scotians.