The B.C. government has introduced new legislation to rein in short-term rentals and add more long-term rental homes to the rental market. Short-term rental listings on platforms such as Airbnb, VRBO and Expedia have expanded significantly since COVID-19, accounting for thousands of homes that otherwise could be rented.

“Anyone who’s looking for an affordable place to live knows how hard it is, and short-term rentals are making it even more challenging,” said Premier David Eby. “The number of short-term rentals in B.C. has ballooned in recent years, removing thousands of long-term homes from the market. That’s why we’re taking strong action to rein in profit-driven mini-hotel operators, create new enforcement tools and return homes to the people who need them.”

According to the government, there are currently 28,000 daily active short-term rental listings in BC—an increase of 20 per cent from a year ago. Data indicates that more than 16,000 entire homes are being listed as short-term rentals for the majority of a calendar year.

“The short-term rental market is creating serious challenges in B.C. and around the world,” said Ravi Kahlon, Minister of Housing. “Operators with multiple listings are taking homes off the long-term market to make big profits while people pay the price – it can’t go on like this. The legislation is comprehensive and designed to target areas with high housing needs. It’s strong action and a thoughtful approach to tackle the growing short-term rental challenge and deliver more homes for people.”

Research from McGill University shows the top 10 per cent of hosts earn nearly half of all revenue, while nearly half of all operators have multiple listings. Approximately 30 municipalities, including Vancouver, Victoria and Kelowna, have introduced short-term rental bylaws and licence fees to regulate the short-term rental market. The proposed legislation builds on those bylaws and equips municipalities with more enforcement tools.

The legislation focuses on three key areas:

• increasing fines and strengthening tools for local governments;
• returning more short-term rentals to long-term homes; and
• establishing provincial rules and enforcement.

This proposed legislation will not apply to hotels and motels, or communities on First Nations reserve land. Regulations are also being drafted to exempt additional types of properties such as timeshares and fishing lodges, which are not intended to be covered under the scope of the legislation.

For more details, click here: Legislation introduced to rein in short-term rentals, deliver more homes for people | BC Gov News