New Regulation on short-term rentals to take effect this week

To deal with “illegal ghost hotels” and help free up city housing, the City of Toronto is enforcing new rules to ensure that people only rent out their primary residence as a short term rental. 

The new regulations will come into effect on Thursday after concerns that homes being used for short-term rentals hurt the city’s long term rentals. 

Thorben Wieditz, a spokesperson with housing advocacy group FairBnb Canada, said: We have been advocating for this since 2016, and our efforts have prevailed, if even half of the currently illegal 6,500 entire home listings were returned to the long-term rental housing market, the city’s vacancy rate would increase from 1.3 per cent to 2 per cent, providing sorely needed relief to home-seekers.”

To operate in Toronto, short term rental operators will have to register their primary residence with the city’s new registration system.

Read more from the News Source HERE

a
close slider