LR04-17

Appeal · rent increase. Outcome: outcome pending review.

Linked prior order: LR04-017

Order text

Order LR04-17 - Allowable Percentage Rent Increase for 2005 Order LR04-017 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 2005, pursuant to Sub-section 23.(1) of the Rental of Residential Property Act . Monday, September 20, 2004 Maurice Rodgerson, Chair Brian McKenna, 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 2005; 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 2005, a weighted model of estimated cost components for 2004 and 2005, 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 2005 shall be two (2.00) percent. DATED at Charlottetown, Prince Edward Island, this 20th day of September, 2004. BY THE COMMISSION: Maurice Rodgerson, Chair Brian McKenna, Vice-Chair Weston Rose, Commissioner James Carragher, Commissioner