CHARLOTTETOWN, P.E.I. — A group representing P.E.I. landlords says tax breaks offered by the Dennis King government as compensation for a rent freeze do ...
Chris LeClair, who represents the Residential Rental Association of P.E.I., says the province’s tax breaks for landlords do not adequately compensate them for inflationary cost increases incurred over the last year. - Stu NeatbyCHARLOTTETOWN, P.E.I. — A group representing P.E.I. landlords says tax breaks offered by the Dennis King government as compensation for a rent freeze do not go far enough.
Social Development and Housing Minister Matthew MacKay promised a package of relief programs for landlords after he introduced legislation that froze rents for the current year. He said that most landlords have reported the income saved from the tax breaks would be far below what they would otherwise have recouped through the IRAC rent increases.
An apartment for rent on Charlottetown's Prince St. Charlottetown and Summerside both currently have vacancy rates below 2 per cent. - Stu Neatby - Stu NeatbyHe said several property owners have begun thinking twice about building new rental construction due to the 2022 inflationary cost increases. Overall, rent control laws are meant to protect tenants from rent increases that put render rental housing prices unaffordable."Our rent control legislation protects many Islanders whose incomes are high that perhaps don't even need to benefit from rent control, where we could be putting in place even stricter rent control for low income people," LeClair said.
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