FACT CHECK: Despite what Yukon Party would like Yukoners to believe, the rent cap works.
Today in the Legislature, the Yukon Party yet again criticized the rent cap. The Yukon NDP would like to fact-check their claim and set the record straight: the rent cap works.
Here are the facts according to the Yukon Bureau of Statistics:
- The average increase in rental rates during the first six months of the rent cap were the lowest increases since 2017. This means the rent cap was effective in preventing rent hikes and in stabilizing the rental market.
- Real estate transactions were down by 4% over the previous year, proving the Yukon Party narrative about massive rental sell offs is simply untrue.
- The number of rental units on the market increased by 3.3% since the introduction of the rent cap. There are more rental units available under the rent
cap than before the rent cap, which again contradicts the Yukon Party’s claims.
Rent caps exist in many jurisdictions in Canada and elsewhere. This is a well-known measure to stabilize the rental market and to help keep housing units affordable.
This is a standard approach to bring balance between landlords’ rights and tenants’ rights. Prior to the implementation of the rent cap, our office was regularly contacted by Yukoners being faced with 40% or even 60% rent increase. The rent cap has helped people fighting against these unfair, unaffordable, and unsustainable rent hikes.