The provincial government has tabled its 2022-23 budget which includes new measures to help both landlords and their tenants.

The government will phase in provincial property tax rate reductions over three years beginning with the current property taxation year. This will result in a 50 per cent provincial property tax rate reduction for non-owner-occupied residential properties, including apartment buildings and other rental properties, a 15 per cent provincial property tax rate reduction for other residential properties, including nursing homes, and a 15 per cent provincial property tax rate reduction for non-residential properties.

These measures will reduce provincial property tax revenue by an estimated $45 million in 2022-23 and $112 million once mature. The government will also introduce a one-year cap, retroactive to January 1, 2022, on the allowable increase to rent of 3.8 per cent which is equivalent to the growth in the Consumer Price Index in 2021.

In addition, the government will introduce further amendments to the Residential Tenancies Act, to eliminate the ability of landlords to terminate a tenancy without cause, allow a tenant to apply to the Residential Tenancies Tribunal to order a landlord to compensate for losses caused by termination without cause, and introduce penalties to landlords for non-compliance.