Order LR98-8
IN THE MATTER of the Rental of Residential Property Act, R.S.P.E.I. 1988, Cap. R 13.1,and
IN THE MATTER of establishing the allowable percentage rent increase for 1999, pursuant to Section 23. (1) of the Rental of Residential Property Act.Thursday, September 17, 1998
Ginger Breedon, Chair
Debbie MacLellan, Commissioner
Elizabeth MacDonald, Commissioner
Order
WHEREAS
pursuant to the provisions of Section 23. (1) of the Act, the Commission is required to establish the allowable percentage of rent increase for 1999.AND WHEREAS
pursuant to the provisions of Section 23.(2) of the Act, the Director of Residential Rental Property has invited written representations from lessors and lessees to assist in establishing the annual prescribed percentage rent increase. The request was by way of a notice in the printed media.AND WHEREAS
in setting the prescribed percentage rent increase the Commission has considered the following: representation received pursuant to Section 23. (2) of the Act, the vacancy rates for the province, a review of the economic outlook for the province, a review of the Consumer Price Index forecasts for 1999, a weighted model of estimated cost components for 1998 and 1999 and a comparison over the past seven years of the rent increases allowed, the increase in the consumer price index and the increase of weekly wages and salaries.NOW THEREFORE
, pursuant to the Rental of Residential Property Act,IT IS ORDERED THAT
1. The allowable percentage rent increase for 1999 shall be one (1) percent.
DATED
at Charlottetown, Prince Edward Island, this 17th day of September 1998.BY THE COMMISSION:
Ginger Breedon, Vice-Chair
Debbie MacLellan, Commissioner
Elizabeth MacDonald, Commissioner
