New info published on the Rentalsman site: https://www2.gnb.ca/content/gnb/en/corporate/promo/renting-in-new-brunswick/lease-information/rent-increases.html
I just spoke to a representative at SNB and got the following intel:
-If you've done a rent increase since the beginning of the year, you have to give the money back (anything above 3.8%). Technically, that should be deducted from April's rent, but you can work with your tenants to pay back over a period of time
-If you've already issued a notice of increase, the notice period remains the same, but you have to dial back the increase to 3.8%
-If you have other services included in your leases (i.e. utilities), you can revise a lease to remove these (long-term tenants have the right to refuse these).
-SNB received only a very brief email explaining the changes this morning and more detailed guidance is expected to come out in the next week.
-The program is 1 year (unless the government changes its mind) and ends on Dec 31, 2022. If you have rent increases scheduled for later this year, it might make sense to defer these until Jan 1, 2023.
Any other thoughts ?