New Brunswick joins the list of provinces with rent control

[Account Closed]

The conservative majority government of NB just instituted rent control in their budget.  3.8% retroactive to January 1, 2022.... So any landlords that have already served notice of increase (I had respectable increases set to take effect on Apr 1) are hooped.  This will likely impact any transactions out there that haven't closed.  On the plus side, property taxes are set to decrease by 50% (but over 3 years).  

[Randy McKillop]

Thanks for the info, Chris. This lines up with everything that I'm receiving, as well. 

I spoke with Willy Scholten of the New Brunswick Apartment Owners Association this afternoon. They are encouraging landlords to write/submit letters to Premier Higgs and Minister Steeves expressing any concerns you may have with this budget proposal. I'd be happy to share all contact information if you'd like -- send me direct message. 

The budget is not approved (yet). So for me to know, none of this is law (yet). However, I have no intel suggesting that anything will change. They have a budget meeting scheduled for tonight and one of my colleagues plans to voice some concern with this proposal. 

Anytime policy is used as enforcement, it's never good and usually backfires. I suspect this will happen with what the government "thinks" they will accomplish with this proposal.