Welcome back!

We will start going into some upcoming changes so whether you are looking to purchase or have already purchased, know what these changes are and how they can impact you!

With the housing crisis going on in British Columbia, the provincial government has implemented new rules regarding short-term rentals. These rules aim to regulate the short-term rental market and address concerns related to housing availability and affordability. Some updated rules are:

1. Mandatory licensing: Short-term rental operators are required to obtain a license from the provincial government to legally operate.
2. Limits on rental duration: Primary residences are allowed to be rented out for a maximum of 180 days per year. Secondary residences, such as investment properties, can only be rented out for a maximum of 30 days per year.
3. Platform accountability: Online platforms, such as Airbnb, are required to collect and remit taxes on behalf of their hosts.
4. Strata corporation bylaws: Strata corporations have the authority to restrict or prohibit short-term rentals within their properties.

Short-term rentals may still be allowed for those who are renting out their primary residence (ie secondary suite). But the goal of this is to turn over homes that are used for vacations into homes for people living here.

Penalties for Non-Compliance

Failure to comply with the new short-term rental rules in British Columbia can result in penalties and fines. The exact penalties may vary depending on the specific violation and can be enforced by the provincial government. However, it is important to note that penalites have increased from $2,000 to $50,000.

If you may be under this category of short-term rental, please speak to your legal advisor for a full run-through.

Any other topics you want covered? Or maybe you’d like to talk about some options? Call or text me at 604-880-3000.

Thanks and stay tuned for more!

Sabrina Feng

@findyourfinancials