Order LR03-012
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 2004, pursuant to Sub-section 23.(1) of the Rental of Residential Property Act.Friday, September 12, 2003
Ginger Breedon, ChairMaurice Rodgerson, Vice-Chair
Weston Rose, Commissioner
James Carragher, Commissioner
Order
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 2004;
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 2004, a weighted model of estimated cost components for 2003 and 2004, 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 2004 shall be two (2.00) percent.