New STR rules are coming to BC.

British Columbia has recently introduced new rules for short-term rentals to regulate the market and return homes to the long-term rental market. The new rules apply to all short-term rentals being offered to the public, including rentals listed on Airbnb, VRBO, Expedia, and FlipKey.

 

The number of short-term rentals has expanded rapidly over recent years in B.C. and around the world, and data shows that short-term rentals are diverting thousands of long-term rentals onto the short-term market in B.C., taking away homes people need.

The new rules aim to give local governments more robust tools to enforce short-term rental bylaws, return short-term rental units to the long-term rental market, and establish a new Provincial role in the regulation of short-term rentals. Strata corporations can still have strata bylaws that limit or ban short-term rentals and levy fines of up to $1,000 a day.

The legislation would force short-term rental platforms to share their data with the province for enforcement and tax purposes. It would limit short-term rentals to within a host’s home, basement suite, or laneway home on their property. Most of the rules will apply to communities with a population of 10,000 or more.

Hoteliers have praised the new rules as the "gold standard"..obviously! The dust may take some time to settle this issue, so stay tuned for more.