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P.E.I. landlords’ group says 0% rent cap for 2023 will force some to sell units

Landlords will not incur costs, says housing minister

A bill to set rental increases for 2023 at zero per cent across the province passed in the P.E.I. Legislature on Wednesday.

All MLAs present voted in favour except PC MLA Brad Trivers, and Liberal MLAs Hal Perry and Robert Henderson

This means rental increases set out by the Island Regulatory and Appeals Commission no longer apply.

In September, IRAC had set maximum allowable rent increases — 5.2 per cent for unheated rental units or those heated with sources other than furnace oil, and 10.8 per cent for units that are heated with furnace oil and have heat included in the rent — to be effective Jan. 1, 2023.

The bill to set rent increases at zero per cent was tabled by Minister of Social Development and Housing Matthew MacKay on Tuesday and went through first and second reading.

However, some landlords are wondering why they weren’t consulted before the bill was presented and why the provincial government hasn’t yet announced any incentives for landlords to counteract the proposed freeze. …[Read More]