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According to Vancouver Mayor Greg Robertson, Airbnb is effectively “Vancouver’s largest hotel”. Currently there are thousands of short-term rentals that are believed to be eating into Vancouver’s rental supply. In view of this, the City of Vancouver is proposing sweeping changes in the short-term rental market that will bring at least 1,000 rental units back into the market.
Presently, Vancouver has around 6,000 active listings on various platforms such as Airbnb, Hometogo, VRBO etc. These are not registered and are effectively “illegal” according to the City. The City estimates that at least 70% of the current short-term rentals will be able to continue doing so once its proposed regulations are adopted.
Below are some of the proposed new regulations for short-term rentals in the City of Vancouver:
The Mayor calls his proposed regulations a “balanced approach”. “Our focus is to protect long-term housing and also that we ensure that people can make supplemental income from short-term rentals”, he said during his press conference.
Did you know that we have a property management and rentals division? Contact us or call 604 695 1000 and we will be pleased to discuss your rental needs.