Nova Scotia government extends rent cap until the end of 2023

Nova Scotia government extends rent cap until the end of 2023

The Nova Scotia government has extended a rent cap until the end of 2023, in a move that is intended to provide economic relief to tenants and landlords in the province.

The rent cap, which limits the amount that landlords can increase tenants’ rent, was initially introduced in 2019 and set to expire this year. The extension of the cap for an additional three years is aimed at ensuring tenants are protected from escalating rental costs, while also providing landlords with some stability.

The Minister of Municipal Affairs and Housing, Chuck Porter, commented on the rent cap extension: “We recognize the importance of stable, affordable housing for Nova Scotians, and this extension will provide tenants, and landlords, with predictability and peace of mind.”

The rent cap is expected to benefit approximately 140,000 tenants across Nova Scotia, who will be protected from significant rent increases while the cap is in place. It also provides landlords with a certain degree of security, allowing them to plan ahead and adjust their operations accordingly.

The rent cap extension is part of a package of measures implemented by the Nova Scotia government to address the housing crisis in the province. The government has also committed to investing $500 million to create over 1,000 new affordable housing units over the next five years.

To further assist low-income households, the government has also allocated $20 million to create a rent supplement program to help those who are struggling with their rent payments.

Porter concluded: “We are committed to working with our partners to ensure everyone in Nova Scotia has access to safe, secure and affordable housing. This rent cap extension is an important step in that direction.”