The CEO of B.C. Ferries is warning the company may need to increase fares by 30 per cent or more in 2028, when the current fare structure expires.
Nicolas Jimenez says in a written statement the corporation had forecast last year that such a price rise would be needed to keep up with operating and capital costs, but costs since then have spiked, including a 40 per cent jump in shipbuilding expenses.
The rising costs have created “a growing funding gap” that Jimenez says will require “a sustainable funding model” to address.
Last year, the province said it was providing $500 million to B.C. Ferries to help keep fares down, while the Office of the B.C. Ferries Commissioner had set annual fare increases of 3.2 per cent until 2027.
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