In order to increase rental inventory, Vancouver passed a series of rules last year requiring Airbnb operators to register for a license. However, it looks like almost half of Vancouver’s listed Airbnb operators remain unlicensed.
Aside from registering operators, the new rules also limit Airbnb rentals to principal residences. However, out of the 4,720 listings in Vancouver, only 2,628 are licensed, according to city figures. And despite having an agreement with the popular online home sharing service, only 17 licenses have been suspended so far.
Vancouver Mayor Kennedy Stewart struck a positive cord last month, however, noting that more than 2,000 cases have opened against errant Airbnb operators – and one operator with 35 listings was even levied $20,000 in fines.
“This program is one of many designed to move more supply into the long-term rental market because housing in our city needs to be first and foremost for those who live and work in Vancouver,” Stewart told CityNews Vancouver in mid-March.
Under its agreement with Vancouver, Airbnb provides host information – such as names, email addresses, and license numbers – four times a year, with the city doing the legwork of chasing after wayward operators. And according to CityNews, officials have been reminding operators who are using a 2018 licence that they must renew for 2019 to make sure they are complying with the city’s regulations, noting nearly 70% have already done so.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate