Two major GTA cities may crack down on this popular investment option.
"I think the city has the right to regulate land use, and those type of zoning bylaws are in place especially to make sure that everyone is aware that when you purchase a property, this is what you get to do with it," Toronto Coun. Kristyn Wong-Tam told Metro Morning Tuesday.
Airbnb is becoming an increasingly popular investment strategy for homeowners in Toronto to make some extra cash; a quick search of the site returned 300+ listings. Many homebuyers are surely considering the potential for making money through Airbnb and that could be made more difficult and, indeed, less lucrative if the government steps in.
For their part, agents will want to advise clients who may consider using their homes as an Airbnb rental that possible regulation could be in the offing.
Still, there have been many complaints, according to Wong-Tam, who argues Airbnb units should be licensed and inspected in a similar way rooming houses are.
"It seems that Airbnb units are popping up everywhere," she told Metro Morning. "We need to build a regulatory framework so everybody knows how they are supposed to be operating."
And Toronto isn’t the only city considering implementing new rules and regulations.
Mississauga Coun. Karen Ras was also on the CBC program Tuesday morning. She said that although a ban of Airbnb rentals is currently under consideration, that move may not be “doable.”
Source: Real Estate Professional Editor