New Brunswick’s population has surpassed 820,000. This is the highest population growth rate that our province has experienced since 1976. The influx of people moving to New Brunswick has created a high demand for housing throughout our province. As a result, there is a supply and demand issue in the rental market, resulting in increased rents and low rental vacancy rates.
As part of a province-wide approach to address housing, we are introducing the Housing Development Incentive Program to encourage the development of new rental units. Increasing the supply of rental units will help reduce pressures on the rental market and decrease costs that would normally be passed on to tenants.