Minister vows to intervene as IRAC allows P.E.I.’s highest-ever rent hikes for 2023
Landlords’ association says hike makes sense; housing advocates say it’s unfair
The Island Regulatory and Appeals Commission has set limits on maximum allowable rent increases that will take effect on Jan. 1, 2023 — the highest on record — and Prince Edward Island’s Progressive Conservative government is vowing to fight them.
In a statement released Wednesday, IRAC said a maximum allowable rent increase of 5.2 per cent will apply for unheated rental units or those heated with sources other than furnace oil. The same rate of increase will apply for rental mobile home units located in a mobile home park.
A maximum allowable rent increase of 10.8 per cent will apply to any rental units that are heated with furnace oil and have heat included in the rent.
This is by far Prince Edward Island’s highest allowable annual rent hike on record. For the past two years, the maximum allowable increase for all rental units was one per cent. ..[Read More]