Order LR97-10

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 1998, pursuant to Section 23.(1) of the Rental of Residential Property Act.

Tuesday, September 9, 1997

Linda Webber, Chair
Ginger Breeden, Vice-Chair
James Nicholson, Commissioner

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Order

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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 1998;

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 1998, a weighted model of estimated cost components for 1998, 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 1998 shall be one and one half (1.5) percent.

DATED at Charlottetown, Prince Edward Island, this 9th day of September, 1997.

BY THE COMMISSION:

Linda Webber, Chair
Ginger Breeden, Vice-Chair
James Nicholson, Commissioner