News

Thousands of listings pulled off Airbnb as Vancouver s new rules come into effect

Thousands of listings pulled off Airbnb as Vancouver s new rules come into effect
Top Stories
New regulations in Vancouver meant to cut down on the number of homes rented out to tourists on the website Airbnb appear to be working.

The city says the number of listings on Airbnb has fallen from 6,600 in April to 3,742 after the new rules came into effect on September 1.

The new rules stipulate that homeowners can only offer their primary residences for short-term rental on the site and they must have a $49-a-year licence to do so.

The goal is to return those non-primary residences to the long-term rental market, which has had very low vacancy rates in recent years, leading to eye-popping prices.

While its not yet clear that the new regulations are the reason, rental prices in Vancouver do appear to have stabilized. The median price of a one-bedroom in June 2017 was $2,090 a month, according to the website Padmapper. Fourteen months later, in August, the median price had fallen to $2,000.

That drop occurred while The average cost of a one-bedroom in Toronto was up 15.7 per cent in August year-over-year, hitting $2,140. Montreal saw a 14.8 per cent increase over the same period, with the median price for a one bedroom in that city listed at $1,320.

Vancouver could see the number of listings drop even more, as it starts to enforce the regulations. The city has only issued 2,630 licences so far, meaning 1,112 remain unlicensed in violation of the rules.

Some appear to be breaking the rules in other ways too. CTV Vancouver found multiple examples of listings using the same licence number, which isnt allowed, and one that specifically states it is exclusively used for Airbnb.

Kathryn Holm, the citys chief licence inspector, said that the city is starting to work through those files and issue tickets. Fines can reach up to $1,000 a day when there is blatant misuse or misrepresentation, she added.

In January, Toronto passed similar regulations outlawing short-term rentals in non-primary residences. Those rules are not yet in force due to an appeal to the Ontario Local Planning Appeal Tribunal.
Read more on CTVnews
News Topics :
Similar Articles :
Business
Until a couple of months ago, the residents of Vancouver’s Alexander Row didn’t know much about the wildly popular short term rental service Airbnb. “I thought Airbnb was more like a...
Top Stories
When Vancouver finalizes its new rules for short term rental services such as Airbnb some time this summer, many people might think that means there will be fewer listings in the...
Top Stories
Toronto City Council has passed new rules to crack down on short term rental services such as Airbnb that will restrict listings to principal residences and ban homeowners from listing secondary...
Top Stories
Airbnb says it supports the idea of a registration system for short term home rentals, one week after the City of Vancouver revealed its plan to regulate them. Mayor Gregor Robertson...
Canada
Regulations for Airbnb style rentals will be the subject of intense scrutiny at city hall next week when two committees will discuss zoning and licensing proposals.   JOHN MACDOUGALL / AFP/GETTY FILE PHOTO   ...