The Residential Rental Association of P.E.I. is calling on the province's minister of social development and housing to release details of the government's compensation plan for landlords.
On Nov. 3, a bill introduced by Housing Minister Matt MacKay was passed in the legislature, setting rental increases for 2023 at zero per cent. The province said that freeze would remain in place until the new Residential Tenancy Act passed.
The act was tabled in the P.E.I. Legislature last week. It would cap rental increases at three per cent unless the landlord appeals successfully to the Island Regulatory and Appeals Commission.
The province has said regulations will still have to be drawn up for the Residential Tenancy Act. While no enactment date is included in the legislation, government says the new law could come into force as early as spring 2023.
Chris LeClair, the senior policy adviser for the Residential Rental Association of P.E.I., said it's important to address the compensation plan sooner rather than later.
"When the zero rental cap was put in place, the minister publicly stated, and this was over two weeks ago, that he would do something from a compensation perspective. We wrote to the minister indicating how we thought that could happen. We also agreed to play a part in any discussion about how it could happen to make it as, you know, as expedited as possible."