How Nova Scotia’s rent asks topped other provinces

Nova Scotia's rent prices have soared to surpass those in other Canadian provinces, particularly in Halifax. A one-bedroom apartment listed in a three-story building near Dalhousie University costs $1,750 per month, one of the more affordable options within walking distance of the school. In September 2021, the average price for a single bedroom was $1,574 in Halifax, while a two-bedroom apartment cost $2,041.

However, in August 2022, Nova Scotia's average asking rent reached $2,356, a year-on-year increase of 3.1 percent, while the national average dropped by 4.8 percent. This trend began in 2019 and has continued for the past four months. Real estate experts attribute the rapid rise in rental prices to a lack of tenant protections, high operating and construction costs, and the influence of large institutional investors.

In Nova Scotia, landlords have no obligation to lease their property to tenants when their fixed-term leases expire. This leaves tenants vulnerable and at the mercy of landlords, who can raise rents beyond the provincial cap of 5 percent. Additionally, 38 percent of Nova Scotia's rental properties are owned by institutional investors, with financial firms controlling nearly a quarter of the units.

This concentration of ownership exacerbates the affordability issue, as these investors are well-positioned to profit from the high demand for rentals in Halifax's downtown core, which is home to a large student population.