Well, there you have it! The BC Government has cracked down on Airbnb rentals in cities with more than 10,000 people.
The idea here is to take those Airbnb rentals out of the short-term (tourist) housing market and make them available to rent for long-term tenants.
What does that mean for you?
If you own an Airbnb in Vancouver, North Van, or really any city over 10k in BC you're going to have to make a decision before May 1, 2024.
Here are the options:
Rent it as an Airbnb and pay the, not insignificant fines.
Rent it long-term and become a landlord under the LTA*
Hold it and live in it.
Sell it. (this is where I can help...obviously ;)
Just a little more about the new legislation. Under the new rules, when passed, British Columbians will legally only be able to rent out a primary residence and one more additional secondary suite as a short-term rental. That means if you have a room or apartment that is a part of your permanent residence you can still rent it out as an Airbnb. But not many people have that.
While this makes sense for our current housing crisis (though maybe not because the rents will still be high!) Airbnb spokesfolks have a different take on it: “Instead it will take money out of the pockets of British Columbians, make travel more unaffordable for millions of residents who travel within B.C., and reduce tourism spending in communities where hosts are often the only providers of local accommodations.” ~Alex Howell, policy manager for Airbnb in Canada.
Regardless of how you feel about it, it's coming and it's coming fast.
My team is ready to help you determine the best course of action for you, personally and professionally.