Residential Tenancy Act now in effect

The Residential Tenancy Act went into effect on Saturday.  A decision by cabinet last week brought it into effect after the legislation had been passed last fall.  Under the new Act, the Island Regulatory and Appeals Board can set the annual maximum rent increase at no more than three per cent. Also, landlords can apply for an additional three per cent.  IRAC says that any applications made before 4:00pm last Thursday will be assessed under the former rules.