Taxi industry in B.C. worried value of taxi licences could fall further owing to ride-hailing

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The spectre of ride-hailing services entering the market has lowered the value of taxi licences in B.C., and those in the industry are concerned that they could fall further once the services are allowed late next year.

“There is no way it’s not going to impact the taxi industry,” said Mohan Kang, president of the B.C. Taxi Association.

Last week, Minister of Transportation and Infrastructure Claire Trevena said the province will introduce legislation to enable ride-hailing in the fall, and she expects companies will have their applications to enter the market in to the Passenger Transportation Board (PTB) by September 2019.

In the meantime, the government plans to boost the number of taxis in the province by 15 per cent, which translates to about 300 taxis in the Lower Mainland and 200 throughout the rest of the province. There are currently about 215 taxi licensees operating more than 3,500 taxis in B.C.

According to a report prepared by taxi-industry expert Dan Hara of Hara Associates for the Ministry of Transportation and Infrastructure, taxi-licence values have fallen significantly with the uncertainty created by the anticipation of ride-hailing.

Read full article & WATCH video here.

Jennifer Saltman – Vancouver Sun – July 27, 2018.

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