Where do you get your facts? Or do you make it up? https://vancouver.ca/doing-business/short-term-rentals.aspx
In fact, the fundamentals DO support these prices. It's a wealthy city for a variety of reasons. Those who can't afford it have to either move out or cut corners by commuting long distances, sharing with others, or settling for smaller places. It'll be many years before more affordable places get built if they ever are. Mark my words, in 20 years people will still be bitching that Toronto is super expensive, that it's a real estate bubble ( it's not now nor do I think it ever gets to that ), that the grass is greener where they are in "wonderful" places like Tampa Bay and Fort Lauderdale. Fact is many people are employed here, like the schools here, like the relative safety of this city compared to many US cities, and like the established communities of a variety of ethnic backgrounds. Those insisting a 50% crash or more is coming are talking through their ass it'll never happen. Just ask the last group who posted the same shit in 2010/2011 at much lower prices. Imagine somebody renting here for 9 years because they were told endlessly by irresponsible people that a real estate crash was just around the corner. How many more years will people post this shit until they admit they misread the market ?
Excellent link and I do love getting down to the facts. The first paragraph is rather vague since it says "A short-term rental can be an entire home, or a room within that home, that is rented for less than 30 consecutive days at a time." But the second paragraph is the correct one. "A short-term rental can only be operated from your principal residence – the home where you live, as an owner or tenant, and use for bills, identification, taxes, and insurance." In a way, there is a total disagreement between these two sentences because what people want to rent is the entire home/condo. The first sentence makes it seem like its possible, but the second sentence makes it clear that you can only rent a room in your home. The idea behind AirBnB might have initially been to rent a couch or room, but these days, people want to rent the entire condo. You want privacy on your vacation. This is what the city of Vancouver has put a stop to. You simply cannot list entire condos for rent if this will be less than 30 days. You can only rent a room in your condo. Vancouver clearly did this because some people can't even afford their condo so they need some help with the rent. Furthermore, many buildings have strata's that have also banned this type of renting. I imagine that if your neighbors see too many people coming and going with suit cases, they will alert the strata and the owner will get some letters.
Haha you're in space, Toronto RE will see a correction, but Toronto's economy, money laundering and foreign inflow of cash will always make sure it's expensive as fuck... Toronto is the financial hub of Canada, by far. The 95 Quebec Referendum cemented Toronto as the powerhouse of Canada, major corporations from Montreal all bounced to Toronto around that time, and they never looked back since. Montreal and Toronto are fine, East Coast isn't hurting in RE, West Coast is getting drilled and not even close to the bottom imo
You have very specific reading comprehension. Nowhere in the second paragraph does it say or imply one only can rent a room in a home/primary residence. Doesn't matter anyways because in all practicality supply of condos listing on Airbnb remains high in the city. You are saying something that doesn't happen in real life. People who can't afford their condo get roommates, your statement has absolutely zero to do with Airbnb.
https://theprovince.com/news/local-...tors/wcm/7d349ff7-4ec6-4b39-bfe3-d4a54c566820 https://vancouversun.com/news/local...ome-on-airbnb-heres-how-to-do-it-in-vancouver From the second article: "Am I eligible to rent out my home short-term? In order to be eligible to rent out your home for short-term guests, you must live in the home yourself for most of the year and it must be a legal suite that meets all building and safety requirements." You have an understanding deficit. But do you get it now? When people go away, they want to stay somewhere private. If you only rent a room in a 2 bedroom condo, that isn't exactly private now, is it? Entire condos were being rented out for a nightly rate versus left for a long term tenant, and this is what the city wanted to stop. Now when I go to AirBnB, I do still see some listed, but shit loads less than before. Those listed do not have their license posted in the ad, which is what you're supposed to do, so I figure there will hopefully be some sort of enforcement on these units.
The BIG Short Canada, airbnb will pay your over inflated property hahaha. Everyone in Vancouver and Toronto will become hotel/motel operators. .