BC changing rules for short term rentals

[89coupe]

This seems insane that a government can tell you, a home owner how you can rent your property.

The new rules won’t allow you to have short term rentals if the home you have is not your primary residence.

This seems like madness.

https://www.cbc.ca/news/canada/briti...tals-1.6997449

[ExtraSlow]

Owning property is enough for you to be under suspicion.

[Tik-Tok]

Owner leases to family member, family member rents out as VRBO.

Problem solved.

[max_boost]

How does this affect realtors tho

[killramos]

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How does this affect realtors tho

It’s always a good time to buy/sell

[AndyL]

Oh joy great policy.

I stayed in an airbnb until I found a place to move when I came out. More than 10,000 hotel rooms short already in the lower mainland, sure take away more options.

Just will mean more foreign students living in a multimillion dollar mansion.

[Buster]

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This seems insane that a government can tell you, a home owner how you can rent your property.

The new rules won’t allow you to have short term rentals if the home you have is not your primary residence.

This seems like madness.

https://www.cbc.ca/news/canada/briti...tals-1.6997449

If you think you own your home or your land you're already naive. Home ownership is more like a long term lease where you take on the capital risk.

[kertejud2]

Restrictive housing policy guidelines? Never thought a government would have it in them.

[benyl]

They are just trying to stop our cities from becoming European ones where no one actually lives in the city anymore.

They all live in the outskirts and commute into the city center because all of the homes are airbnbs. I can see the appeal for common folk who got "priced out of paradise."

Moral of the story: don't be poor.

[killramos]

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They are just trying to stop our cities from becoming European ones where no one actually lives in the city anymore.

They all live in the outskirts and commute into the city center because all of the homes are airbnbs. I can see the appeal for common folk who got "priced out of paradise."

Moral of the story: don't be poor.

I thought everyone wanted to make our cities European.

Pick a bike lane people

[ExtraSlow]

I do feel like regulating commercial uses of residential real estate is a reasonable activity for government.

Not sure this is how I'd do it. Seems complicated, with conflicting priorities.

[jutes]

The province said there are around 28,000 daily active short-term rental listings in B.C.,

That's a lot of empty houses and apartments.

Just wait until the BC commies outlaw secondary properties altogether.

[dirtsniffer]

I don't agree with governments often, but I can see how housing availability and affordability are worse because of airbnb and short term rentals. That said, I woudn't rent to long term tenants in BC or ON because of how restrictive their rental rights are.

[suntan]

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Oh joy great policy.

I stayed in an airbnb until I found a place to move when I came out. More than 10,000 hotel rooms short already in the lower mainland, sure take away more options.

Just will mean more foreign students living in a multimillion dollar mansion.

This is how you know the socialism is working.

[bigboom]

Curious if this makes RE pricing for vacation property more affordable or if it will drive prices up as people that used to rent would now consider buying.

[benyl]

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Curious if this makes RE pricing for vacation property more affordable or if it will drive prices up as people that used to rent would now consider buying.

More than a dozen resort municipalities, mountain resort areas, electoral areas including the Gulf Islands, and most municipalities with a population under 10,000 people will initially be exempt from a principal residence requirement but can opt in if the local government decides to.

This is really aimed at cities IMO, not vacation rentals. I wonder where Kelowna fits in.

Speaking of vacation properties, here come the defaults.

Coles notes: People can't sell their cottages and some have paid for them using a LOC on their main property and can no longer afford the payments due to interest rate hikes and lowering of the value of the property with the LOC.

[Disoblige]

Hotels be like... Yay.

[ExtraSlow]

Anyone who leveraged their primary residence to buy a vacation property and gets fucked by it pretty much deserves what they got. Maybe in the next life they can learn some math.

[max_boost]

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This is really aimed at cities IMO, not vacation rentals. I wonder where Kelowna fits in.

Speaking of vacation properties, here come the defaults.

Coles notes: People can't sell their cottages and some have paid for them using a LOC on their main property and can no longer afford the payments due to interest rate hikes and lowering of the value of the property with the LOC.

Ooo interesting
Bad for realtors then

[Buster]

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I don't agree with governments often, but I can see how housing availability and affordability are worse because of airbnb and short term rentals. That said, I woudn't rent to long term tenants in BC or ON because of how restrictive their rental rights are.

Housing availability/affordability is entirely the result of gov't regulations (NIMBYism in disguise) impairing the ability of markets to normalize supply and therefor prices.