Why big Halifax landlords are reporting average rent increases above N.S. Cap

"Three years have passed since Nova Scotia implemented the two percent rent cap, but rents have increased at an unprecedented rate.
Examining the financial records of some of the largest property owners in Halifax – companies dedicated to managing buildings such as Park Victoria Apartments and Queen's Pool Towers – sheds light on this surge.
Since the implementation of the rent cap in November 2020, two companies among these have reported that the average rent increase in this area, compared to the previous year, has been more than two percent.
Property management company Killam, in a management interview report released in November, reported a 4.3 percent increase in the average rent for its Halifax rental units in September, reaching $1,324 compared to the previous year.
Meanwhile, Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) reported an 8 percent increase during the same period, raising the average rent in the city from $1,380 to $1,490."

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