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DARTMOUTH:<\/strong> The Nova Scotia government\u2019s rent cap is the number one reason property owners are selling their rental units.<\/p>\n\n\n\n That\u2019s one of the major findings of a new survey conducted by the Investment Property Owners Association of Nova Scotia (IPOANS).<\/p>\n\n\n\n Rental property owners who sold their units in 2022 or are planning to sell in 2023 were asked to identify the primary reason for their decision:<\/p>\n\n\n\n \u00b7 39.8% said the financial impact of the province\u2019s rent cap;<\/p>\n\n\n\n \u00b7 23.15% said increased costs to own and operate rental properties; and<\/p>\n\n\n\n \u00b7 10.2% said the unfair residential tenancies system to rental property owners.<\/p>\n\n\n\n ADVERTISEMENT:<\/strong><\/p>\n\n\n\n [adrotate banner=”34″]<\/p>\n\n\n\n [adrotate banner=”148″]<\/p>\n\n\n\n \u201cThis survey confirms what we have been hearing for the last two years and what we warned MLAs and the government about 18 months ago \u2013 the rent cap is forcing people out of housing and making the housing crisis worse,\u201d said Kevin Russell, Executive Director of IPOANS.\u00a0<\/p>\n\n\n\n \u201cIt\u2019s no surprise to see homelessness going up under the provincial government\u2019s rent cap and sadly, we are likely to see even more people without homes because of the financial impact of the rent cap on those who own properties.\u201d<\/p>\n\n\n\n Among the other survey results:<\/p>\n\n\n\n \u00b7 27% of rental property owners sold their units in 2022 \u2013 with more than 40% of those sales going to new owners who planned to move in;<\/p>\n\n\n\n \u00b7 29% plan to sell their properties in 2023, with an additional 36% considering selling their properties; and<\/p>\n\n\n\n \u00b7 24% plan to sell their properties in 2024, with an additional 41% considering selling their properties.<\/p>\n\n\n\n [adrotate banner=”31″]<\/p>\n\n\n\n [adrotate banner=”71″]<\/p>\n\n\n\n \u201cThe rent cap is creating an exodus of rental property sales, with new owners moving in and tenants being forced out,\u201d added Russell.\u00a0<\/p>\n\n\n\n More than 160 IPOANS members responded to the survey.\u00a0 <\/p>\n\n\n\n