A report led by the Canada Research Chair in Urban Governance says restrictions on short-term rentals in British Columbia have reduced rents by 5.7 per cent, saving tenants more than $600 million last year.
B.C's new short-term rental rules are in effect as of May 1. Alissa Thibault reports the province is set to start enforcing the regulations in a bid to get more housing units back in the traditional rental pool. – May 1, 2024The report, from chair David Wachsmuth and researchers at McGill University, says a new provincial regulation for B.C. communities with more than 10,000 residents has the power to carry similar savings across the province, easing affordability challenges.
Assuming the provincewide requirements have the same efficacy as existing municipal rules, Wachsmuth’s report says tenants in those cities should see rents decline by four per cent, amounting to a savings of $592 million each year by 2027. The report says B.C. renters would pay an extra $1 billion within two years if the province’s rules were to be repealed after this year.That’s a finding Premier David Eby’s New Democrats are highlighting in a statement one month before B.C.’s election, saying provincial Conservative Leader John Rustad recently told supporters he would reverse the short-term rental restrictions.
It says the “full implications” of B.C.’s rules won’t become clear until then, when the platforms will be obligated to remove listings without valid licences. The report says the researchers used public and private data sources to conduct their analysis, as well as a modelling approach that’s widely used by economists.Donald Trump claims B.C.’s ‘very large faucet’ could help California’s water woesLiberals ‘are ready’ for a non-confidence vote, MPs say as test looms
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