New Brunswick joins the list of provinces with rent control

[Chris Baxter]

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).  

[Chris Baxter]

Quote from @Mike Singh:

Thanks for this @Chris Baxter , I just closed on another property there and was planning for rent increases . Looks like I will have to reconsider my strategy . 

At least that property tax decrease is pretty nice !!

Considering how property taxes saw a large increase this year, a 50% reduction in taxes over 3 years is less helpful. If you have below market rents, you'll never be able to catch up at a 3.8% annual increases unless units turn over.