A provincial rule to limit short-term rentals to a homeowner's principal residence plus one secondary suite or accessory dwelling comes into force in British Columbia on May 1 in 60 communities, while 17 additional communities have chosen to opt into the rules, despite being exempt.
An update for the province's Short-Term Rental Accommodations Act was provided by Premier David Eby and B.C. Minister of Housing Ravi Kahlon at a media event on Thursday in Langley, B.C.
May 1 is the deadline for many changes telegraphed in October when the province introduced the act.
The government's hope is to limit housing from being rented through platforms like Airbnb, VRBO, Expedia and FlipKey, when they could instead be used for stable, long-term homes in cities where residents struggle to find appropriate housing.
"Balanced new rules to crack down on speculators who are effectively operating mini hotels, while also ensuring homeowners can still rent out spaces in their principal residence," said Eby on Thursday.
For us, home ownership isn't a goal at all. We'd be starting late, and we're 1%ers, but our advisor consistently recommends Renting, Stocks, and no maintenance. Our guy expects to beat the growth value over a house (with carry and maintenance costs) by a few percent, and when we hate this place we just move.
And the density means we're in a spot where a lot of services and shops are nearby. We're really satisfied with our plans, but the point is Rentals are our choice and I'd be happy if that pool weren't shrunk.
We also much preferred renting over ownership after trying both. And we were far from 1%.
I don't understand that, considering the insanely high rental prices of the lower mainland. Its not like you save money by not paying a mortgage. I've heard of this stategy before but it only works when rent is far cheaper than mortgage over a decade. Anyways it doesn't matter cause when the 300 year earthquake hits nobody's gonna have nothing out there
Yeah it made sense before, especially when southern Ontario was cheap rent. Rent was close to half the cost of owning and you put the saved money into RRSP or other inveatments for retirement, but now it is the opposite..owning is was less outgoing cash
I certainly save money by not getting into debt