Fares would need to jump 30% for BC Ferries to 'simply keep up': CEO

30% fare hike for B.C. Ferries? Th cost of keeping the ferry service afloat far outpaces fares, which could lead to a huge increase for passengers.

The head of BC Ferries admits there is so much demand on the corporation and its fleet that resources are pushed "to their limits," and a mammoth increase in ticket prices is needed to keep it running.

In a statement to CTV News, CEO Nicolas Jimenez confirmed that current fares are not enough to cover operating costs.

“Our forecast in 2023 was that an approximately 30 per cent fare increase would be needed in 2028 to simply keep up and manage our operating and capital costs, " read the statement.

"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."

Vessels are ageing and in desperate need of being replaced.

BC Ferries hopes to have a new ship in the water by 2029, and many more after that, but "it is estimated the cost to build vessels has risen by approximately 40 per cent since 2020," according to Jimenez.

There is a cap on fare increases – 3.2 per cent for four years – but it's not clear what the paying public might face after that.

Historically the B.C. government has stepped in to help keep prices down, and Premier David Eby indicated that would continue, provided BC Ferries did its part.

"We'll work with BC Ferries and will ensure that affordability is maintained for British Columbians," he said. "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."