Air BNB + Short-Term Rental Business in Vancouver. Here are the new regulations in Vancouver
As of September 2018 all short term landlords in Vancouver must have a business license & even include this number is all their advertising and rental postings. This goes for all short-term rentals.
Fines can get up to $1,000!
This is what the City of Vancouver deems to help with the shortage of long-term rental housing, adding fines and additional charges for those looking to run a short-term rental business.
Short-term rentals can be the whole home/condo or even a room that is rented for less then 30 days. Now, a short-term rental is only permitted on your primary residence where you live as the owner or a tenant (renter). A short-term rental is also only allowed in secondary homes or basement suites if the owner/operator lies in the home full time as well.
The cash grab now…. All short-term rentals must have a business license in order to legally rent the property on a short-term basis. Also, if in a strata the strata must permit short-term rentals before you can even apply for it as well. This is where the $1,000 comes in for non-compliance.
There is a $56 non-refundable fee to apply and then a license fee of $49 annually.
Head over to another post of ours here to be informed of what taxes are due for homeowners and how you can be exempt.