Air BNB + Short-Term Rental Business in Vancouver. Here are the new regulations in Vancouver
As of September 2018 all short term landlords in Vancouver must have a business license & even include this number is all their advertising and rental postings. This goes for all short-term rentals.
Fines can get up to $1,000!
This is what the City of Vancouver deems to help with the shortage of long-term rental housing, adding fines and additional charges for those looking to run a short-term rental business.
Short-term rentals can be the whole home/condo or even a room that is rented for less then 30 days. Now, a short-term rental is only permitted on your primary residence where you live as the owner or a tenant (renter). A short-term rental is also only allowed in secondary homes or basement suites if the owner/operator lies in the home full time as well.
The cash grab now…. All short-term rentals must have a business license in order to legally rent the property on a short-term basis. Also, if in a strata the strata must permit short-term rentals before you can even apply for it as well. This is where the $1,000 comes in for non-compliance.
To apply for a short-term licence you can follow these links:
– The Quiz
– Meet the Requirements
– Apply Online
There is a $56 non-refundable fee to apply and then a license fee of $49 annually.
Head over to another post of ours here to be informed of what taxes are due for homeowners and how you can be exempt.
For more information on real estate market in Vancouver, current trends, buying a home or selling a home, contact Leo Wilk – Your Top Vancouver Realtor.
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