Posted May 18, 2021 14:33
The pandemic has generated significant changes in the Canadian real estate sector. Among these are short-term rentals from the popular Airbnb platform, which have been migrating to the long-term rental system.
A recent report from the city of Toronto indicates that 42% of short-term commercial rentals have passed into the long-term rental market.
Until this month, 3,349 short-term rental operators are registered in the city, compared to more than 15,000 that were available on the platform before the pandemic. Of these, a little more than 8,000 were exclusively dedicated to short-term rentals.
This reduction indicates that the new regulations are working in favor of those who seek to rent their main property to tourists, given the need to keep them in the long-term rental market.
To better understand the current situation, it is important to remember that when the new short-term rental regulations came into force on January 1 of this year, about 2,600 listings were removed and about 8,600 were left on the platform under the form of income. for stays of at least 28 days.
Some advocates of short-term rent regulations have pointed out that the reason behind the current situation is not clear, given that two of the factors that may be contributing to the impact of this type of rent are the pandemic or the regulations that it recently put in place. the city of Toronto.
For this reason, experts in the real estate sector continue to recommend keeping as many short-term rents as possible within the long-term market, even after the pandemic has ended.
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