Renters across the province are getting a bit of a break.
The provincial government announced Wednesday, September 4 the maximum allowable rent increase for 2020 is 2.6 per cent, the province’s annual rate of inflation.
In a news release, government officials say that is lower than it would have been prior to the elimination of a provision that used to allow for increases 2 per cent above the inflation rate.
“Under the old formula, renters would have seen a rent hike of more than 9 per cent in 2019 and 2020,” said Municipal Affairs and Housing Minister Selina Robinson.
“Because of our changes, and the removal of the fixed-term loophole, people will no longer face the unreasonable rent hikes that were allowed for years.”
The government says removing the additional 2 per cent will allow renters living in an average $1,250 a month apartment to save up to $300 next year.
Robinson says the province is also taking steps to further protect tenants and limit evictions related to renovations.
Compensation for bad-faith evictions have increased while requirements for eviction notifications have been strengthened.