The head of BC Ferries is warning of huge fare hikes on the horizon as demand continues to grow while its fleet is being pushed to the limit.
Nicolas Jimenez said the approximate increase is 30 per cent in order for the publicly-owned company to keep up with inflation and manage operating and capital costs.
The ferry company has plans to replace part of its aging fleet with seven larger new vessels, the first of which they’re aiming to have in service by 2029.
However, Jimenez said the estimated cost to build vessels has risen by approximately 40 per cent since 2020, adding that with the current fares, they still don’t bring in the revenue to cover their operating costs and capital needs.
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“The pressing need to replace aging assets requires further investment beyond what our current model allows for,” he said in a statement.
There is a cap on fare increases over the next four years thanks to a $500-million contribution from the provincial government in 2023.
“We’ll work with BC Ferries and will ensure that affordability is maintained for British Columbians,” Premier David Eby said on Wednesday.
“There is an onus and there is a responsibility on BC Ferries to do what they can to bring down their operating costs as well.”
A 30-per cent hike would translate to about $30 more for one person to take a standard-sized vehicle from Tsawwassen to Swartz Bay, bringing that ticket to $130.
Any potential fare hike would not to into effect until 2028.
–with files from Troy Charles
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