Holt government introduces 2 major affordability bills [Video]

The Holt government has introduced two pieces of legislation aimed at keeping its promises to make life more affordable in New Brunswick.

The rent cap bill will limit residential rent increases to three per cent a year starting on Feb. 1, 2025.

And the repeal of the so-called “carbon cost adjustor” will shave around four cents off the per-litre price of gasoline before the end of the year. 

Housing Minister David Hickey introduced the rent cap legislation Wednesday. It’s expected to be debated and passed before the legislature adjourns for Christmas.

Any increases greater than three per cent that take effect before Feb. 1 will not change, including those covered by current rules that allow the spreading out of large increases over two to three years.

But the portion of any phased-in increase taking effect on Feb. 1 or later will also be capped at three per cent.