In my previous letter of Jan. 11, I mentioned that the year 2023 is going to be a tough year. And it will be a very tough year for accommodations, whether ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS. And it will be a very tough year for accommodations, whether in the form of owning, renting or emergency shelter.
All the above have resulted in the economy going downhill, but not enough as the Bank of Canada has given a strong indication that interest rates may rise some more or remain at a high level in 2023 or both. Natural disasters, whether they are climate-related or not, reduce the supply of houses. Consider the Fort MacMurray fire some years ago and the ravages of storm Fiona recently along the Northumberland Strait and Port aux Basques; many houses were lost. According to a recent report by the Canadian Task Force on Flood Insurance and Relocation, about $3 billion of property value is at risk of flooding i.e. houses are on a flood plain.
According to CTV news, Newfoundland saw an average rental increase of 29.7 per cent, from $932 per month in September 2021 to $1,209 in 2022. There is no restriction on the amount of rental increase a landlord may implement.
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