Vancouver City staff are proposing a new regulatory framework for short-term rentals (STRs) that they believe will protect long-term rental housing supply while enabling supplemental income for local residents.
If adopted, the city believes regulations would legalize up to 70% of existing ‘entire unit’ and virtually all ‘private room’ STR listings in Vancouver, while potentially boosting long-term rental supply by more than 1,000 homes.
To support the proposed regulations the city has released a 75-page report that details the distribution of the 6,000 STRs in the city, average profits for people listing properties on Airbnb (82% of STRs are on Airbnb), and an analysis on how many people will comply with the new rules.
The framework, put forward in a staff report to Council, proposes that:
- Home owners and renters (with owner permission) are able to list and rent their principal residences with an annual business license for a small fee of $49
- Short-term rental platforms apply a transaction fee up to three percent which would be remitted to the City to help fund the administration and enforcement of licensing STRs
Interesting fact: 15% of the STRs in Vancouver are in Kitsilano.
Last modified: July 10, 2017