Acts and Regulations

2024-31 - The Residential Tenancies Act

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NEW BRUNSWICK
REGULATION 2024-31
under the
The Residential Tenancies Act
(O.C. 2024-41)
Filed June 3, 2024
1Section 17.2 of New Brunswick Regulation 82-218 under The Residential Tenancies Act is amended
(a) by repealing subsection (1) and substituting the following:
17.2(1)The following definitions apply in this section.
“consumer price index” means the Consumer Price Index for New Brunswick (All-items) published by Statistics Canada under the Statistics Act (Canada) for the 12-month period ending December 31.(Indice des prix à la consommation)
“previous year” means the calendar year before the year in which an increase in rent is effective. (année précédente)
(b) in subsection (2)
(i) in paragraph (a) by striking out “the consumer price index” and substituting “the threshold limit referred to in subsection (2.1)”;
(ii) in paragraph (b) by striking out “the consumer price index” and substituting “the threshold limit referred to in subsection (2.1)”;
(c) by adding after subsection (2) the following:
17.2(2.1)For the purposes of subsection (2), the threshold limit is determined in accordance with the following:
(a) if the consumer price index is less than 3%, the threshold limit is calculated in accordance with the following formula:
consumer price index + 1.5%
(b) if the consumer price index is between 3% and 5%, the threshold limit is calculated in accordance with the following formula:
4.5% + 0.5% x (consumer price index – 3%) / 2%
(c) if the consumer price index is more than 5%, the threshold limit is calculated in accordance with the following formula:
5% + 0.8% x (consumer price index – 5%) / 2%
17.2(2.2)For the purposes of the determination of the threshold limit referred to in paragraphs (2.1)(a), (b) and (c), if an increase in rent is effective
(a) on or before June 30, the consumer price index to be applied shall be the consumer price index for the calendar year before the previous year, or
(b) on or after July 1, the consumer price index to be applied shall be the consumer price index for the previous calendar year.