Fares would need to increase by 30 per cent in 4 years to sustain current funding model: BC Ferries

BC Ferries says it would needs to increase fares by 30 per cent in 2028 in order to keep up with operating and capital costs.

In a statement to 1130 NewsRadio, CEO Nicolas Jimenez blames a rapid rise in inflation and costs for a growing funding gap, while demands on the ferry system increase.

“Demand for ferry service will continue growing rapidly, driven by significant population growth along the BC coast. While this growth signals a positive trend for coastal communities, it also creates strain on our marine infrastructure and fleet, pushing our resources to their limits,” said Jimenez.

Even the 30 per cent increase is based on a forecast from 2023, and Jimenez says “since that time, inflation and costs have increased even faster across many aspects of our business and we are facing a growing funding gap as demands on our system increase.”

He says just the cost of building new vessels for the fleet has risen by 40 per cent since 2020.

Ferry fare increases have been capped at 3.2 per cent for the next four years.

Jimenez says BC Ferries is working with the provincial government to come up with a sustainable funding model.

“I’ve already spoken with Minister Farnworth about these challenges and we know collaboration will be needed to solve them.”

The standard adult fare for a person walking aboard a sailing between Vancouver and Victoria is currently $19.10. For a standard vehicle and passenger, the fare for the same sailing is typically $99.85.