A rent increase in Nova Scotia has CARP concerned about vulnerable seniors.

The increase, in the context of financial stress, is no small issue. A report from a Canadian consulting firm in December of 2023 found that only  14% of near retirees can expect comfortable golden years with an ability to absorb financial stress. This study looked at the financial realities of 4,000 Canadians between ages 55 and 64 to gauge their “retirement readiness.”

 Who are these 14%?  They are individuals with 900k or more in financial assets plus own their own homes. In other words, a minority by far.

An increasing cost of living for those on a fixed income puts means further financial stresses can have major impacts.

This is the case for many in Nova Scotia, who are reeling from a rent cap increase. Landlords in the province are now able to raise the rent by 5%, rather than the prior 2% increase.

While three per cent may sound like a small amount, it’s going to be a problem for seniors on fixed incomes. For some, it could be the difference between buying milk and eggs and not eating, or having shelter and being out in the cold.

Food bank use has increased by a staggering 36 per cent among Ontario residents 65 and older in 2021 alone and has ballooned by 64 per cent since 2008, an indicator that suggests seniors are struggling to obtain affordable shelter, which results in insufficient funds to pay for food.

The issue of affordable housing is widespread in Canada. Last year, 74% of CARP members indicated they were “concerned or very concerned about affordable housing.”

CARP will be expressing the concerns of seniors directly to the province at an upcoming meeting with the department of housing.

Follow CARP’s advocacy on appropriate and affordable housing.

Read how CARP fights for your financial security.