Order LR02-04

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 2003, pursuant to Sub-section 23.(1) of the Rental of Residential Property Act.

BEFORE THE COMMISSION

Wednesday, September 11, 2002

Ginger Breedon, Chair
Maurice Rodgerson, Vice-Chair
Weston Rose, Commissioner
James Carragher, Commissioner

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Order

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WHEREAS pursuant to the provisions of Sub-section 23.(1) of the Act, the Commission is required to establish the allowable percentage of rent increase for 2003;

AND WHEREAS pursuant to the provisions of Sub-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, which 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: representations received pursuant to Sub-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 2003, a weighted model of estimated cost components for 2002 and 2003, the waste watch fee, previous allowed rent increases, 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 maximum allowable percentage rent increase for 2003 shall be three (3.00) percent.

DATED at Charlottetown, Prince Edward Island, this 11th day of September, 2002.

BY THE COMMISSION:

Ginger Breedon, Chair
Maurice Rodgerson, Vice-Chair
Weston Rose, Commissioner
James Carragher, Commissioner