The city is currently reviewing the impact short-term rentals such as Airbnb have on Toronto real estate, with an eye on regulating that increasingly lucrative investment option.
It released a report
earlier this about the growing influence of the home-sharing program and claimed it is currently researching key issues, consulting with key stakeholders and will examine options for regulation following the review period.
“Staff will examine potential options for regulating short-term rentals in Toronto, including a licensing system, updated zoning by-laws, additional tax requirements and other options,” the city said in the report. “To develop these options, staff will examine the issues identified through research and consultation and determine whether evidence suggests further regulations are required.
“Staff will examine the strengths and weaknesses of approaches in other jurisdictions and provide options for regulating short-term rentals in Toronto. The results of this work will be presented in a report to Executive Committee in 2017.”
However, even prior to regulation, at least one condo management firm is cracking down on Airbnb rentals.
This notice was posted in one downtown Toronto condo.
It reads: “Please note that short-term leases (i.e. Airbnb) are not permitted in our condominium. Kindly be reminded that in accordance with Declaration of the Condominium Corporation Article 4(11)(f): ‘No owner shall be permitted to lease residential units or live/work units in the condominium for periods less than six months.”
If you’re investor who rents units through Airbnb, have you noticed any pushback from condo management? Let us know your experience below.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Condo managers are already cracking down on Airbnb rentals prior to the expected regulation in Toronto.