There are new rules in Vancouver which have caused the pulling off of thousands of listings from Airbnb. The main aim of the new regulations in Vancouver is to lower the number of homes rented out to tourists on the site. Amazingly, the rules seem to be working. According to the city, the number of listing on Airbnb reduced from 6,600 to 3,742 in April. This was after the new rules begin operating on September 1. The new rules say that; homeowners can only offer their main residences for a very short rental term on the site. Besides, to be able to give out, one must have a $49-a-year license. The main aim of these rules is to return the primary residences to the long-term rental market which has had little vacancy rates in the past few years. The lower vacancy rates have led to eye-popping prices.
However, it is not yet clear whether the new regulations are the reason why the rental prices in Vancouver have stabilized. In June last year, the median range of one-bedroom house was $2,090 a month in regard to website Padmapper. After fourteen months, the median price lowered to $2,000. As the prices drop here, in so many other Canadians cities the prices continue to rise, in fact, in most of the cities, the priced is double. For example, in Toronto, the average cost of a one bedroom goes up by 15.7 percent a year after the other hitting $2,140. In Montreal, they experienced a 14.8% increase over the exact period. So here the Medan price of a one-bedroom house is $1,320.
In Vancouver, the number is likely to continue to fall as they begin to enforce the regulations. So far, the city has issued 2,630 licenses only. This means 1,112 has not been licensed yet which is a violation of the new regulations. Some individuals appear to be breaking the rules in some ways. The CTV Vancouver captured various examples of listings using a similar license number which is agonist the law.
According to Kathryn Holm, who is the city’s chief license inspector, the city will begin to work via those files offering tickets. She also stated that in case of blatant misuse or misrepresentation, the fine can go up to $1,000 a day. In January, similar regulations were passed in Toronto. The rules were banning short-term rentals in the non-primary residences. However, the rules are not yet in force due to a petition with Ontario Local Planning Appeal Tribuna.
