A provincial rule to limit short-term rentals to a homeowner’s principal residence plus one secondary suite or accessory dwelling comes into force in British Columbia on May 1 in 60 communities, while 17 additional communities have chosen to opt into the rules, despite being exempt.
An update for the province’s Short-Term Rental Accommodations Act was provided by Premier David Eby and B.C. Minister of Housing Ravi Kahlon at a media event on Thursday in Langley, B.C.
May 1 is the deadline for many changes telegraphed in October when the province introduced the act.
The government’s hope is to limit housing from being rented through platforms like Airbnb, VRBO, Expedia and FlipKey, when they could instead be used for stable, long-term homes in cities where residents struggle to find appropriate housing.
“Balanced new rules to crack down on speculators who are effectively operating mini hotels, while also ensuring homeowners can still rent out spaces in their principal residence,” said Eby on Thursday.
Yeah it made sense before, especially when southern Ontario was cheap rent. Rent was close to half the cost of owning and you put the saved money into RRSP or other inveatments for retirement, but now it is the opposite…owning is was less outgoing cash