The destruction of Vancouver tourism, Airbnb is banned?
In this video, we’re going to discuss the recent news that Airbnb has been banned in Vancouver. What does this mean for the city’s tourism industry? And what are the possible consequences for those who have used Airbnb in the past? If you’re looking for answers to these questions, then watch this video! We’ll discuss the implications of the ban on Airbnb, as well as the possible consequences for those who have used the platform in the past.
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Now let’s diving deep into the new legislation surrounding Airbnb and short-term rentals in British Columbia.
Short-term rentals, such as Airbnb, have become a hot topic in British Columbia, especially with housing affordability and availability becoming a growing concern.
The province wants to limit short-term rentals in detached homes, aiming to return thousands of homes back to the long-term market
The new legislation has certainly stirred up discussions across the province
Just recently, the B.C. government introduced a brand-new legislation aimed at transforming many short-term rentals back into long-term housing options.
There has been a 20% rise in short-term rental listings in the past year alone.
Is this from new investors buying condos to rent for Airbnb businesses or ordinary people running out of money from being strangled by inflation and looking for a side hustle?
The BC provincial government is targetting Airbnb businesses because of its perceived impact on housing affordability.
With approximately 28,000 short-term rentals in the province, recent research from McGill University showed that more than 16,000 “entire homes” have been pulled from the housing market to be used as short-term rentals.
In the government’s defence, that is no small number.
However, the Conference Board of Canada report finds that short-term rentals are not responsible for an increase in rents across 19 of Canada’s largest cities — in direct opposition to the McGill study cited by the provincial government.
Do you think these “mini-hotel operators” really have a huge impact? Let me know in the comments.
The new legislation targets non-compliant listings, which make up around 40-50% of the current market
The goal is to stop people from buying multiple properties and use them for STR (short term rental) platforms to make huge profits while taking away homes for people who desperately need them
This legislation isn’t just about numbers—it’s about ensuring homes are used for long-term residents and not just as investment properties
For the province to be able to do this, it says it is requiring short-term rental platforms, like Airbnb and VRBO, to share data, and to remove listings without business licenses and registration numbers.
It is also limiting short-term rentals to principal residents of the property only — plus one additional unit or suite on that property
Airbnb believes that these new rules will affect tourism and remove a significant source of income from many British Columbians
Airbnb’s feels that the housing crisis is more about supply than Airbnb rentals and I agree.
Airbnb also says that 47% of hosts in the province do so to “help them stay in their homes.”
This is referring to those hosts who rent out rooms in a shared environment.
Have you rented a room or two in your home on Airbnb?
I have and really enjoyed it.
Feel free to ask me about my tricks to make STR’s successful
It isn’t hard to earn an extra one to five thousand dollars a month this way, trust me, I know.. Wink
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The province plans to increase fines for hosts breaking municipal by-law rules from $1,000 to $3,000 per day, per violation
While the B.C. government’s intent is clear – to tackle the housing crisis – only time will tell how these changes will shape our communities.
The changes are expected in the coming months and years
Do you run an Airbnb business or two? What do you think about this?
As always, it’s crucial to stay informed, understand both sides, and, most importantly, adapt.
Thank you for joining me on this journey into BC’s real estate landscape.
For more insights and updates, make sure to like, share, and subscribe.
And remember, in real estate, as in life, knowledge is power.
Dive deeper into real estate with my best-selling book, “Rockstar Real Estate Investing,” available on Amazon.
Until next time, I’m Jessi Johnson, signing off.
Remember to Own Your Life!
👉 Learn more, call Jessi at 604 716 6474, email email@example.com or schedule a time to chat here: https://calendly.com/jessirealestate
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