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

“No Vacancy” is a typical sign of the times as affordable rental housing is becoming increasingly difficult to find - Peter SimpsonAfter two years of drafts and political finger-pointing, the province’s legislature has passed a retooling of laws governing tenants and landlords.

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.

In September, IRAC issued an order stating rent increases of between five and 10 per cent would be allowed in 2023. This was later nullified by MacKay’s bill amending the current act. This means that, if a landlord obtains an order from IRAC, the maximum amount rent in any unit can increase each year is six per cent, starting in 2024.The current rental housing shortage has given rise to cases of “renoviction” in which tenants have been evicted to allow cosmetic renovations and/or an increase in rent of units.

If a landlord fails to allow a tenant to occupy a renovated unit, the new RTA says the landlord must compensate the tenant for three months’ rent plus moving expenses.If a tenant does not exercise a first right of refusal, they are entitled, upon giving notice to the landlord, to compensation of one month’s rent plus moving expenses from the landlord.The new RTA sets a maximum $10,000 penalty for persons found to have acted in “bad faith.

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