B.C. is enforcing new regulations on short-term rentals, resulting in 1,500 units deemed non-compliant. While many owners have rectified their situations, 75 cases are under investigation, with potential fines of $5,000 per day. The province reports a 10% decrease in full homes listed as short-term rentals and anticipates further impact with the upcoming registry.
Since new restrictions on short-term rentals were put in place last May, owners of 1,500 units throughout the province have been informed that they are not in compliance, B.C. Housing Minister Ravi Kahlon says. Most owners immediately moved into compliance once reached by the province’s 11-person enforcement team, but 75 cases remain under investigation and could result in fines of up to $5,000 per day if they are deemed to be contravening the rules, Kahlon said.
Under the new regulations, owners can only rent out their primary residence or a unit on that property, such as a laneway house or secondary suite. They are required to register with their local municipality and maintain a valid business licence. About 1,300 of the 1,500 non-compliant cases stemmed from public complaints, Kahlon said. The ramped-up enforcement comes as the province is preparing to launch a registry of all short-term rentals in B.C. The registry will require platforms such as Airbnb to remove listings that have not registered with the province. “The good news is we’re not only seeing rents come down around the province, we’re seeing a 10 per cent reduction in full homes being listed as short-term rentals,” said Kahlon. “They are now being made available, either through sale or as long-term rentals. Phase two enforcement starts in the coming months.” While the province has touted the new rules as a way to bring more housing onto the market at a time when availability is low across much of the province and rents are becoming increasingly unaffordable, critics have slammed the “unintended consequences” of the restrictions. Gavin Dew, the B.C. Conservative critic for jobs, economic development and innovation, said many British Columbians had bought properties for the purpose of using them for Airbnbs, only to have to sell them at a loss because of the new restriction
SHORT-TERM RENTALS REGULATIONS HOUSING CRISIS AIRBNB FINES
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