Starting May 1st, 2024, new regulations will come into force in British Columbia that aim to limit short-term rentals (such as those listed on platforms like Airbnb) in an effort to increase the supply of long-term rental housing. The key points are:
- Short-term rentals will only be allowed in a person’s principal residence, plus either a secondary suite or an accessory dwelling unit like a laneway house.
- These rules apply to 65 communities across B.C. with populations over 10,000 or located near larger cities. Some exemptions exist for resort towns, parks, agricultural lands, and certain accommodation types.
- Local governments can apply to be exempt from the new rules if their rental vacancy rate has been 3% or higher for two consecutive years. The 2024 deadline to apply for an exemption was February 29th.
- The regulations include higher fines for non-compliance, the creation of a provincial registration system for short-term rentals, and a new enforcement unit.
There is uncertainty around how the changes may impact existing bookings for summer 2024 as hosts and guests try to understand the new landscape. Major platforms like Airbnb say it’s too early to predict the full effects. But the intent is to push more units back into long-term rental markets by restricting short-term rental activities.
