Observers say new rules will support investment in new hotels
B.C. ’s passage of new rules governing short-term rentals set the “gold standard” for other jurisdictions, and will encourage much-needed development in centres across the province.
Her comments echoed those of Ingrid Jarrett, president and CEO of the BC Hotel Assocation, which funded a study by the Urban Politics and Governance research group at McGill University into BC’s short-term rental market. McGill’s study found that in June 2023 there were 28,510 active short-term rental listings in the province on a daily basis. Of these, 48.4 per cent were operated by owners with more than one listing, and these accounted for 51.7 per cent of total host revenue that month. Put another way, the top 10 per cent of hosts earned 48.8 per cent of all revenue, indicating the highly concentrated nature of revenue flows.
This is a live issue for hoteliers, who say they’re increasingly supplementing the long-term rental market. While older hotels across the province have been a source of housing for low-income residents and even international students, Hotel Association of Canada research indicates that more than more than half of is members have diverted rooms to accommodate staff while 41% have provided housing to refugees of environmental or international crises.
B.C. Short-Term Rentals Legislation Development Registration Annual Fee Penalties Regional Districts Municipalities
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wesdome Gold Reports 21% Increase in Quarterly Gold ProductionA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Digital gold: Bitcoin's influence on gold market dynamicsKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Read more »
Edwards, Timberwolves rout short-handed PelicansAnthony Edwards scored 26 points and had a season-high eight assists and the Minnesota Timberwolves beat the short-handed New Orleans Pelicans 122-101 on Wednesday night.
Read more »
Disney tops quarterly earnings forecasts as CEO Bob Iger sets ‘building’ phaseThe company said it added nearly 7 million Disney+ streaming subscribers in the quarter, with the inclusion of Guardians of the Galaxy Vol. 3 and the original series Star Wars: Ahsoka
Read more »
Arm's first post-IPO earnings: Revenue guidance falls shortArm Holdings (ARM) reported its second-quarter results the first one since their market debut. The company says it reported its highest quarterly revenue...
Read more »
High rates, regulations have some rethinking short-term rental ownership: expertsHigher interest rates combined with stricter regulations have some Canadians beginning to second-guess the wisdom of investing in a short-term rental property.
Read more »