It’s been a while since we spoke about Airbnb and I’ve had clients and agents asking me about the changes in municipal laws regarding short-term rentals. Short term rentals are those that are 28 days or less, anything over is considered monthly or longer. Currently, Toronto has over 10,000 units available for short-term rental use and of that 10,000 there are roughly 700 that are “secondary suites” instead of primary.
So here is what’s going on. On August 30th and 31st there will be a hearing to discuss Toronto’s rezoning to include vacation rentals and new rules accompanying them. If the late August hearing is decided on we won’t know the results of the decision until 8 weeks later.
If the decision has been made to enforce the new rules short-term rental operators will be required to apply for a license and then will register with the city for their 4% additional tax payout.
The new rules will not come into effect until after the decision has been made – expect the holiday season to be the first to be influenced by the changes.
