Residents and property owners are renting out rooms or entire units for short periods (less than 28 days) in growing numbers across Toronto, facilitated by the rise of online platforms such as Airbnb, VRBO, etc. On December 7, 2017, City Council approved the regulation of short term rentalsin Toronto.
Here are the key points of the new rules, which take effect June 1, 2018
- Short term rentals are permitted across the city in all housing types
- People can host short term rentals in their principle residence only- both homeowners and tenants can participate
- People can rent up to three bedrooms or entire residence
- An entire home can be rented as a short-term rental if owner / tenant is away- to a maximum of 180 nights per year
- People who rent their homes for short term must register with the city and pay $50
As these new regulations came forward, a growing number of our clients want to continue participating in the revenue earned on Airbnb. Owners are increasingly seeking tenants for periods of 28 days or longer in the gloomy months and Airbnb rental management services in the shiny months.