In 2021, the top 10 per cent of short-term rental hosts earned roughly half of the revenue for this market, according to McGill University. This isn't going away in the future, this entire system somehow has to adjust to this,” Sadilkova said. “We're doing building permits for million-dollar homes and I think that they factored in the profit from the short-term rentals that would be staying. While there is a need for short-term rentals to accommodate travel in the area, there is an impact from these types of rentals on sale values of homes, she said. Out of the 27, 17 responded and indicated that they take a “reactive” rather than “proactive” approach, she said. Sadilkova reached out to 27 regional districts to understand how they tackle issues related to short-term rentals.
While the City of Vancouver has an entire task force dedicated to monitoring and enforcing short-term rental policies, regional districts like Thompson-Nicola, which encompasses roughly 44,449 square kilometres, only have one bylaw enforcement officer, according to Regina Sadilkova, general manager of development services for the Thompson-Nicola Regional District.
So, what we come up with has to respect local economies and local issues, but at the same time, striking that balance to try to get more of that short-term housing back into the long-term rental market,” Enemark said. We recognize that Whistler is not Vancouver, it's not Kamloops. In January 2020, UBCM and the ministry formed an advisory group to tackle the issues related to short-term rentals. have implemented bylaws to tackle short-term rentals and roughly 25 have business licensing that is meant to restrict these types of rentals, according to UBCM.Įnforcement of these bylaws and business licensing is “often unsuccessful or even feasible” in smaller municipalities and regional districts, said Gord Enemark, executive director for the housing policy branch at the Ministry of Housing. due to municipalities having so much variation in resources, according to the panellists.Īpproximately 50 local governments in B.C. However, problems arise when it comes to enforcement of these policies across B.C. government and UBCM have put in place policies and recommendations.
In order to preserve long-term rental stock, both the B.C. In 2022, Vancouver's rental vacancy rate fell to 0.9 per cent, according to the Canada Mortgage and Housing Corporation. That is equivalent to roughly two per cent of the 670,000 units in the province’s long-term rental market. McGill University states short-term rentals removed almost 14,000 units from B.C.'s long-term rental market in 2021. That's according to a panel discussion on April 5 at the Union of BC Municipalities (UBCM) housing summit in Vancouver. Even though B.C. is on track with their policies to target short-term rentals like Airbnbs, issues still persist when it comes to enforcement and compliance throughout municipalities.
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