As of April 1, 2018, property owners and renters will be permitted to advertise the short-term rental (less than 30 days) of their principal residence on websites such as Airbnb and VRBO.
They must first apply for and receive a short-term rental licence online for a fee of $49. There will also be a one-time administrative fee of $54.
“City Council approved new rules for short-term rentals today,” said Mayor Gregor Robertson. “These rules strike a balance between protecting rental housing for local renters while enabling homeowners to ear some extra income.”
Secondary suites, laneway homes, secondary residences
Short-term rentals will not be permitted in secondary suites, laneway homes or non-principal residences. However, if the rental vacancy rate climbs to four per cent, the city will review this ban.
Until the regulations come into effect, short-term rentals remain illegal in Vancouver, unless they’re in a licensed hotel or bed and breakfast.
Secondary suites, laneway homes and investment properties can, however, be rented short-term by a principal resident, which may include a long-term renter.
Anyone caught renting their property short-term without a licence can be fined up to $1,000 per infraction.
To ensure compliance, Vancouver will have a new enforcement coordinator and an additional inspector.
The new rules were drafted after an extensive public consultation process conducted over a year-long period. The city estimates that 1,000 units will return to the long-term market as a result of these changes.
For details, read the Summary and Recommendations
Sources: City of Vancouver; Real Estate Board of Greater Vancouver