This week the BC Government announced a plan for new legislation governing short term rental accommodation with the aim of bringing more long-term rental properties to the rental market. The new legislation means all short-term rental sites such as Airbnb, VRBO etc. will have to share data with municipalities and there be an increase in fines for bylaw infractions.
The legislation limits short-term rentals to within a host’s home, or a basement suite or laneway home on the property where they reside. However, there are some exceptions with more than a dozen resort areas and municipalities with populations of less than 10,000 people can initially be exempt from the principle residence requirement.
It remains to be seen if this new legislation will have the desired impact on the long-term rental market and also what the overall affect will be on tourism, given the number of visitors to BC who use short term rentals for their vacation.
Check out the BC Government website.
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