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Order LR96-11
IN THE MATTER of the
Rental of Residential Property Act, R.S.P.E.I. 1988, C. R 13.1,
and
IN THE MATTER of establishing the
allowable percentage rent increase for 1997, pursuant to Section 23.(1) of the
Rental of Residential Property Act.
Wednesday, September 11, 1996
Linda Webber, Chair
James Nicholson, Commissioner
Debbie MacLellan, Commissioner
Carl Riggs, 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 1997;
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 1997, a weighted model of estimated cost components for 1997, and a
comparison over the past five 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 1997 shall be one and one half (1.5)
percent.
DATED at Charlottetown, Prince Edward Island,
this 11th day of September, 1996.
BY THE COMMISSION:
Linda Webber, Chair
James Nicholson, Commissioner
Debbie MacLellan, Commissioner
Carl Riggs, Commissioner
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