Vancouver’s councilors voted Tuesday to go ahead with regulations on rentals through platforms such as Airbnb. Homeowners (and renters) will be required to register to rent out their homes for short terms and pay a $54 one-time fee and a $49 annual license cost.
Secondary homes and suites and laneway will not be eligible for short-term rental.
Councilors in Toronto meet Wednesday to vote on similar regulations.
The issue of short-term rentals is a global one with many cities concerned that owners are holding back from the long-term rental market due to higher incomes gained from Airbnb and other platforms.
One investor in London, UK reportedly has 881 properties in the city and earns a combined annual rental of more than £19 million (C$32 million).
More market update:
Short-term rentals are in the sights of Vancouver’s policymakers and Toronto may decide to follow.