10/19/2023
💡 BC's Changes to the Short- Term Accommodations Act
BC government is implementing changes to the Short- Term Accommodations Act which will be in effect in May 2024, here's what you need to know:
📌 1. The new legislation will see a significant increase in fines for illegal operators. The penalties will jump from $1,000 per infraction, per day, to $3,000. In addition, regional districts who currently do not have the authority to license or regulate businesses will now be allowed to license and regulate short-term rentals.
📌 2. The province of B.C. will bring in a principal residence requirement for all short-term rentals, meaning people can only rent out the home in which they live for the majority of the year. Renting out one secondary suite within a principal residence will also be allowed, for example basement suites and coach homes.
📌3. The principal residence rule will apply to communities with more than 10,000 residents but resort municipalities like Whistler, Tofino and Osoyoos will be exempt from this new policy. Cities with a vacancy rate of more than 3%, which is considered healthy, can apply for an exemption from this requirement.
📌4. A requirement for municipal business license numbers is to be displayed on rental listings on platforms like Airbnb and VRBO. Listings without this information will have to be removed. Short-term rental operators will be required to register their short- term rental homes and non-compliant listings will be removed from platforms. This registration requirement will be complemented by a provincial compliance and enforcement team.
Do you think this new legislation will help the rental market in the Greater Vancouver area? Let me know your thoughts below. 👇🏼
