The Residential Rental Affiliation of P.E.I. is looking on the province’s minister of social growth and housing to launch particulars of the federal government’s compensation plan for landlords.
On Nov. 3, a invoice launched by Housing Minister Matt MacKay was handed within the legislature, setting rental will increase for 2023 at zero per cent. The province stated that freeze would stay in place till the new Residential Tenancy Act handed.
The act was tabled within the P.E.I. Legislature final week. It will cap rental will increase at three per cent except the owner appeals efficiently to the Island Regulatory and Appeals Fee.
The province has stated laws will nonetheless must be drawn up for the Residential Tenancy Act. Whereas no enactment date is included within the laws, authorities says the brand new regulation may come into power as early as spring 2023.
Chris LeClair, the senior coverage adviser for the Residential Rental Affiliation of P.E.I., stated it is vital to handle the compensation plan sooner moderately than later.
“When the zero rental cap was put in place, the minister publicly acknowledged, and this was over two weeks in the past, that he would do one thing from a compensation perspective. We wrote to the minister indicating how we thought that might occur. We additionally agreed to play an element in any dialogue about the way it may occur to make it as, you understand, as expedited as potential.”