N.B. holds rent cap increase at 3 per cent amid ‘affordability issues'
The government of New Brunswick will keep its rent cap increase at three per cent for the 2025-26 fiscal year.
The rent control measure took effect in February after being announced in late 2024. The province said it is meant to prevent the displacement of tenants by limiting spikes in rental prices.
'While we have seen a recent increase in the number of rental units in New Brunswick, tenants are still encountering low vacancy rates and rising rent prices,' said David Hickey, the minister responsible for the New Brunswick Housing Corporation. 'We're keeping the rent cap in place for this fiscal year to help provide stability and to give us more time to address the issues driving these challenges in the market.'
The cap limits the amount the price of a rental can be increased each year to three per cent. It is subject to an annual review. It is also being considered as part of the current review of the Residential Tenancies Act, said a news release from the province.
Hickey said the cap provides stability for renters after a 40 per cent increase in rent over the past six years.
'This follows other supports we've introduced to help landlords and developers,' he said.
The province introduced a rebate on the provincial portion of the HST for new rental builds that started after Nov. 15, 2024. It has proposed legislation that would freeze property assessments for homeowners, landlords and businesses for one year as it reforms its property tax system.
The next review of the rental cap is in May 2026.
For more New Brunswick news, visit our dedicated provincial page.
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