BC Ferry Prices Going Up Again

BC Ferry Commissioner has announced the fare cap rate at 4% over the next three years for BC Ferries. As a simple reminder to ferry travelers that the increases are 4% per year on the fares, which in our opinion is a form of compound interest. Here are some links to stories released and some interesting data about interest rates, and we learned a new term “Usury“.

“Tourism Victoria CEO Rob Gialloreto agrees fares are at a tipping point, and said the perception of expensive ferry rides can deter visitors from the Lower Mainland.”

Starting Oct. 13, BC Ferries will cut some Saturday morning and evening sailings from the Tsawwassen and Duke Point runs. 

Last spring, the Liberal government passed the Coastal Ferry Act, which provides the company with $80 million to keep fares in line, but seeks $30 million in service cuts.

Transportation Minister Mary Polak says she’s worried increasing fares will result in decreasing ridership and more cuts to service.

“We share that concern with the ferry commissioner and it is the reason that we will be involved in significant consultation with the public as BC Ferries now seeks to adjust their route service to save additional funds,” she said.

 

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