Vancouver Extends Airbnb Rules as Home Prices Keep Rising
By-
Hosts to pay 3 percent transaction fee on short-term rentals
-
City will only allow rentals of principal residences
Vancouver is set to introduce new restrictions on Airbnb Inc., Expedia Inc.’s HomeAway unit and other short-term rental operators as Canada’s priciest housing market seeks to ease its near-zero supply of homes to let.
“Housing is first and foremost for homes, not to be operated as a business,” Mayor Gregor Robertson told reporters on Wednesday.
Under the new rules, residents will only be able to rent principal residences and will be required to obtain a business license and pay as much as a 3 percent tax on stays. Rentals of secondary suites, laneway homes and investment properties will be prohibited. City officials said they would be ready to pursue legal action against violators, as well as a C$1,000 ($770) fine…
Vancouver Extends Airbnb Rules as Home Prices Keep Rising
