Nova Scotia introduced a bill Friday to extend the province’s rental cap which currently sits at five per cent per year.
The temporary rent increase cap, originally scheduled to expire at the end of 2025, would be in place until Dec. 31, 2027, according to the proposed bill.
“The low vacancy rate in Nova Scotia is creating challenges when it comes to the availability and the choice for tenants to decide where they want to live and how they want to live,” said Service Nova Scotia Minister Colton LeBlanc. “While our government continues to work to create more housing across the spectrum, we have to protect Nova Scotians.
“Despite the record number of new builds across the province, demand is still outpacing supply. The answer to the rental market challenges is more housing. We need to keep up the pace of building more homes until tenants have more choice.”