Homeowners back Airbnb as Toronto debates restrictions

by Steve Randall27 Aug 2019

A debate between the City of Toronto and those who oppose its tighter rules on short-term rentals began this week.

The City says that the proliferation of rentals through Airbnb and similar services has made Toronto’s housing crisis “significantly” worse and passed rules in 2018 to tackle the issue.

These rules include only allowing short-term rentals for owners’ principal residences and requiring registration of renters and payment of a 4% accommodation tax.

The City’s position is that the availability and affordability of long-term rentals is being squeezed by homeowners opting for the larger returns available through Airbnb.

But those in favour of short-term rentals say that they provide accommodation choices for both visitors and newcomers to the city.

“The city is now, with a sledgehammer, gutting this important and flexible form of short-term accommodation without sufficiently considering or understanding the likely impacts of doing so,” lawyer Sarah Corman, who is representing Toronto real estate agent Alexis Leino, told Huffington Post Canada.

The hearing is scheduled to last at least 7 days.

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

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?