Randall Bartlett, senior director of Canadian economics at Desjardins, said short-term rentals are often more appealing to real estate investors because they make more money from them than long-term leases. "From the perspective of the landlord, at a time of high and rising inflation, short-term rentals may offer them an opportunity to offset some of the rising costs because they can increase the rent more quickly than they could in the long-term rental market," Bartlett said in an interview. Citing a Conference Board of Canada study, the report suggests there was a correlation between Airbnb activity and higher long-term rental prices across 19 Canadian cities with short-term rentals. It showed every one-percentage-point increase in the share of Airbnbs was associated with a 2.3 per cent increase in rents. The Desjardins report, usingdata from analytics firm AirDNA, said Canada has more than 235,800 unique active short-term rental listings on Airbnb and Vrbo, the two largest hosting platforms, amounting to about 1.4 per cent of the country's housing stock. The national rental vacancy rate hit 1.9 per cent in 2022 — significantly below what's considered the balanced market rate of three per cent, according to the report. Municipalities across Canada and abroad have implemented a variety of policies to combat short-term rentals, the report said, in the hopes of opening up more housing supply as affordability continues to erode. "We're seeing this in real-time," said Bartlett, "an experiment going on in Canada, where different jurisdictions are bringing in different regulations of various stringencies," which he said will provide greater insight into the implications for the housing market. Bartlett said policy crackdowns on short-term rentals have had mixed results in different jurisdictions around the world. But, he added, it seems that restricting the use of second or third properties for short-term rentals has been the most successful in bringing more units back into the long-term rental market. Meanwhile, allowing people to continue to use their primary residence for short-term rentals has helped sustain the app-based vacation rental market, he said. "Having that distinction seems to support and certainly bring more rental homes back to the long-term rental market," Bartlett said.
People seem to forget that many homes in Tofino ALREADY house a long term tenant where a STR is operating. If this wasn't the case, then the shift to primary residence operation MAY create housing. As it stands in Tofino, you'll probably see a LOSS in long-term housing as owners move here, displace the long-term tenants, and continue to operate the STR anyways. Careful what you wish for, Tofino. It may have the opposite effect.
WOW!! Can't hardly wait to move into this place..... Barking dogs at all hours and your neighbours are not vetted, they're selected by lottery!! Lord only knows who'll be living next door. Slum City, here it comes.
6:13 what about all the absentee owners who say they have someone living in their suite but actually no one lives there? They keep it for their own use or have someone random from Vancouver or elsewhere renting it to use for their vacation/temp residency . Unfortunately that is also the case with many of the suites for STR homes. Its pretty obvious you can drive around and see them empty on a daily basis no one living in them.
So many can not follow the current bylaws, the system is not working . I don't know if opting in will change things but things have to change.
If the DOT was capable of enforcement of the current bylaws we would not have to even consider opting in, but they have failed for 20 years. Logic would be to inspect STR's yearly to make sure they are conforming and why not have the owner show proof of a local resident living in their suite to obtain their yearly biz licence for any absentee owners . A copy of employment or some form of local residence id?? The only bad part is most absentee owners do not have an onsite person ( as they are tenants not caretakers) who is responsible for the noise and nuisance that some STR renters can create in a neighbourhood. Owner-primary residents are way more cognizant of the neighbourhood and being good neighbours .
We can obviously argue both sides and have good points for opting in or not. For me as a resident I would like to feel that we have not totally lost our town and sense of community as we can never get that back and community means good neighbours and a balance which has been eroding for many many years .
Haha I love the argument that there will be a loss in long-term housing if VRs have to be owner occupied! The truth is many won't be moving here and will have to make a choice of whether to sell or rent long-term to locals. It's a win-win for the majority in the community, and those with multiple houses do not have my sympathy.
This is very one-sided reporting . Please publish just one study that shows how beneficial it is for communities to have STRs owned by non-residents. They provide housing, jobs and are better for the environment than residents.
You want just one study ? There has been little academic work on this subject However, here is the latest direct from CBC....... Must be true. " Non resident STR owners have sweet smelling farts. Can drink more booze without getting tipsy. They can shoot the eyes out of a rat at one hundred paces. However they are short stumpy little liars who give off the strong odor of bullshit days in advance of their arrival".
It's all true. This study verifies it's own conclusions as accurate 19 times out of twenty, on Sundays. So piss off.
Sorry just a joke, Non resident VR owners are so beneficial to the community I expect Provincial legislation, soon, giving resident homeowners two months notice to get out, so that all residential properties can be absentee vacation rentals.
Tofino is so lucky to be one of the provinces Crown Jewels. I have friends in the Okanagan region that were totally blindsided. Tourism BC might want to update their mission statement about being all inclusive and diverse. They might want to change the adds from “ Explore beautiful BC” to “ Explore Tofino and Whistler” as well.
12 comments:
Randall Bartlett, senior director of Canadian economics at Desjardins, said short-term rentals are often more appealing to real estate investors because they make more money from them than long-term leases.
"From the perspective of the landlord, at a time of high and rising inflation, short-term rentals may offer them an opportunity to offset some of the rising costs because they can increase the rent more quickly than they could in the long-term rental market," Bartlett said in an interview.
Citing a Conference Board of Canada study, the report suggests there was a correlation between Airbnb activity and higher long-term rental prices across 19 Canadian cities with short-term rentals.
It showed every one-percentage-point increase in the share of Airbnbs was associated with a 2.3 per cent increase in rents.
The Desjardins report, usingdata from analytics firm AirDNA, said Canada has more than 235,800 unique active short-term rental listings on Airbnb and Vrbo, the two largest hosting platforms, amounting to about 1.4 per cent of the country's housing stock.
The national rental vacancy rate hit 1.9 per cent in 2022 — significantly below what's considered the balanced market rate of three per cent, according to the report.
Municipalities across Canada and abroad have implemented a variety of policies to combat short-term rentals, the report said, in the hopes of opening up more housing supply as affordability continues to erode.
"We're seeing this in real-time," said Bartlett, "an experiment going on in Canada, where different jurisdictions are bringing in different regulations of various stringencies," which he said will provide greater insight into the implications for the housing market.
Bartlett said policy crackdowns on short-term rentals have had mixed results in different jurisdictions around the world.
But, he added, it seems that restricting the use of second or third properties for short-term rentals has been the most successful in bringing more units back into the long-term rental market.
Meanwhile, allowing people to continue to use their primary residence for short-term rentals has helped sustain the app-based vacation rental market, he said.
"Having that distinction seems to support and certainly bring more rental homes back to the long-term rental market," Bartlett said.
People seem to forget that many homes in Tofino ALREADY house a long term tenant where a STR is operating.
If this wasn't the case, then the shift to primary residence operation MAY create housing. As it stands in Tofino, you'll probably see a LOSS in long-term housing as owners move here, displace the long-term tenants, and continue to operate the STR anyways.
Careful what you wish for, Tofino. It may have the opposite effect.
WOW!! Can't hardly wait to move into this place..... Barking dogs at all hours and your neighbours are not vetted, they're selected by lottery!! Lord only knows who'll be living next door. Slum City, here it comes.
To 6;13. You are quite right. We don't want any owners living in their homes in Tofino......what a frightening prospect.
6:13 what about all the absentee owners who say they have someone living in their suite but actually no one lives there?
They keep it for their own use or have someone random from Vancouver or elsewhere renting it to use for their vacation/temp residency . Unfortunately that is also the case with many of the suites for STR homes. Its pretty obvious you can drive around and see them empty on a daily basis no one living in them.
So many can not follow the current bylaws, the system is not working . I don't know if opting in will change things but things have to change.
If the DOT was capable of enforcement of the current bylaws we would not have to even consider opting in, but they have failed for 20 years.
Logic would be to inspect STR's yearly to make sure they are conforming and why not have the owner show proof of a local resident living in their suite to obtain their yearly biz licence for any absentee owners . A copy of employment or some form of local residence id?? The only bad part is most absentee owners do not have an onsite person ( as they are tenants not caretakers) who is responsible for the noise and nuisance that some STR renters can create in a neighbourhood. Owner-primary residents are way more cognizant of the neighbourhood and being good neighbours .
We can obviously argue both sides and have good points for opting in or not. For me as a resident I would like to feel that we have not totally lost our town and sense of community as we can never get that back and community means good neighbours and a balance which has been eroding for many many years .
Haha I love the argument that there will be a loss in long-term housing if VRs have to be owner occupied! The truth is many won't be moving here and will have to make a choice of whether to sell or rent long-term to locals. It's a win-win for the majority in the community, and those with multiple houses do not have my sympathy.
This is very one-sided reporting . Please publish just one study that shows how beneficial it is for communities to have STRs owned by non-residents. They provide housing, jobs and are better for the environment than residents.
You want just one study ? There has been little academic work on this subject However, here is the latest direct from CBC....... Must be true.
" Non resident STR owners have sweet smelling farts. Can drink more booze without getting tipsy. They can shoot the eyes out of a rat at one hundred paces. However they are short stumpy little liars who give off the strong odor of bullshit days in advance of their arrival".
It's all true. This study verifies it's own conclusions as accurate 19 times out of twenty, on Sundays. So piss off.
Sorry just a joke, Non resident VR owners are so beneficial to the community I expect Provincial legislation, soon, giving resident homeowners two months notice to get out, so that all residential properties can be absentee vacation rentals.
Tofino is so lucky to be one of the provinces Crown Jewels. I have friends in the Okanagan region that were totally blindsided. Tourism BC might want to update their mission statement about being all inclusive and diverse. They might want to change the adds from “ Explore beautiful BC” to “ Explore Tofino and Whistler” as well.
Study my bank account loser. From your computer in your mom’s basement .
Send details of your bank account. Is it bigger than your inflated privates.
https://www.msn.com/en-ca/news/canada/regina-swat-team-raids-airbnb-rental-property/vi-AA1lbLy2?rc=1&ocid=winp1taskbar&cvid=3c1249e2b7d74469ad3ee8828baba6f9&ei=36
Post a Comment