New Brunswick’s new Liberal government is moving ahead with its promise to implement a rent cap.
Rent increases will be capped at three per cent annually as of Feb. 1, 2025, the province announced on Monday.
“New Brunswick renters need access to affordable housing,” the province said in a post on social media.
“This measure will help protect renters from rapidly increasing housing costs and eliminate surprise rent hikes.”
More details about the rent hike will be released later in the week, said the provincial government post.
On the campaign trail, the Liberals said the cap would be reviewed annually based on inflation and vacancy rates.
A rent cap was in place temporarily under the previous Progressive Conservative government but it was removed months later after the government said it deterred developers from creating new rental units.
