The New Brunswick government tabled legislation on Wednesday for a three per cent rent cap, to take effect Feb. 1, 2025.
“We’ve seen rents over the last six years in New Brunswick go up by 38 per cent,” said David Hickey, minister responsible for the New Brunswick Housing Corporation. “That’s why we’re making sure it’s capped at three per cent so renters know what they’re paying next month and next year.”
A rent cap was frequently mentioned by the Liberals during the campaign as a flagship affordability measure, and promoted as an item that would happen within the first 100 days of any mandate.
Hickey said landlords would still have the ability to increase rent up to nine per cent for capital renovations, but would also have to prove to the province why the work was needed.
“It’s not to step in and put stainless steel appliances in,” said Hickey, …