New Rules to Regulate Short-term Rentals
The BC government has taken action towards regulating the rapid growing short-term rental market. More than 16,000 homes in BC are being used as short-term rentals for the majority of the year, making it more challenging to find affordable long-term rentals.
The new law has increased fines for non-compliance and will require all providers of short-term rental accommodation to register their principal residence information, beginning May 1, 2024. These new rules are intended to:
- Provide local governments stronger tools to enforce short-term rental bylaws
- Return short-term rental units to the long-term rental market
- Establish a new Provincial role in the regulation of short-term rentals
While some inventory will likely go back to long-term rentals, this change may compel some owners to sell. Do you think this will make an big impact towards tackling the Vancouver housing crisis?
By: Vanessa Van Slee