With the recent British Columbia (BC) provincial announcement regarding the crackdown on vacation rentals in cities with populations over 10,000, many homeowners are concerned about their investments and what the future holds for them.
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As of May 1, 2024, cities in BC with populations over 10,000 - such as Vancouver and Kelowna - will be under new provincial regulations limiting vacation rentals through platforms such as AirBnB and VRBO are as follows:
Only a homeowner’s principal residence plus one secondary suite or accessory dwelling unit will be available for vacation rentals shorter than 30 days, with maximum fines of up to $50,000 for non-compliance.
A primary residence is the residence an individual lives in for a longer period during a calendar year than any other place.
A secondary suite is a self-contained living unit with its own kitchen, sleeping area, and washroom facilities, contained within a dwelling unit.
For example, this could be a separate basement suite of the homeowner’s primary residence.
An accessory dwelling unit (ADU) is a self-contained living unit with its own kitchen, sleeping area, and washroom facilities, and which is located on the same property as a dwelling unit. An accessory dwelling unit is sometimes referred to as a garden suite, laneway home, carriage house or garage suite.
For example, this could be a suite in the loft of a garage or other separate structure on the same property as the homeowner’s primary residence.
The following cities will be under BC’s principal residence short-term rental requirement as of May 1, 2024:
Vancouver (photographed above) is one of the municipalities affected by the new provincial primary residence requirement as of May 1, 2024.
The following municipalities or regions
will be exempt from BC’s principal residence short-term rental requirement:
There aren't any provincial short-term rental regulations in place in Alberta as of yet. Municipal regulations are in place in certain areas such as Calgary. Calgary's short-term rental bylaws require homeowners to obtain a business license, with proof of liability insurance and undergo a mandatory fire inspection.
Now more than ever, homeowners need to stand up for their rights and express why it’s important to continue holding the power in the decision-making of how to use their investments.
Aisling Baile co-founder Jerod McMurray was asked to discuss potential changes to Calgary's short-term rental regulations recently on CTV News.
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