10 things to know about P.E.I.’s new Residential Tenancy Act | SaltWire

| Posted: Dec. 2, 2022, 5:46 p.m. | Updated: 8 hours ago | 7 Min Read

On December 1, 2022, An Act to Amend the Rental of Residential Property Act was passed in the PEI legislature limiting the maximum allowable rent increase to 0% on all rental units for the period between January 1, 2023 to December 31, 2023. Important things to know 🧵:Here are some takeaways from the changes to tenancy law that came out of the fall’s legislature sitting.Both the current act and new RTA are clear: the maximum allowable rental increase in 2023 is zero.

This bill requires landlords to notify tenants of the nullified increase if they have already issued tenants a notice of the increase for 2023.Social Development and Housing Minister Matt MacKay’s revamp of tenancy law in P.E.I. puts a yearly cap of three per cent on tenant rent increases, although landlords can apply for larger increases. - Stu NeatbyThe new RTA will limit yearly allowable rent increases to three per cent, starting in 2024.

In those cases, tenants are entitled to six months’ notice – up from two months in the current act. Tenants also have the right of first refusal, meaning they can choose to occupy the rental unit once renovations are done.

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