Potential unintended consequences highlighted the last few hours of debate on the B.C. government’s new law to suppress short-term rentals.
Housing Minister Ravi Kahlon said owners have the next six months to decide whether to rent to long-term tenants or sell their units. She said all MLAs have heard from people who have lost up to 30 per cent of their equity in recent months.Many of them are micro-suites purpose-built for short-term stays and are little more than hotel rooms.
There are multiple issues and grey areas — unique strata-titled properties in Parksville, for example — that will be addressed with regulations. They are coming in short order, with the first batch due this fall. “Every day, there are people tweeting at local government officials in Vancouver with another listing they have found,” Kahlon said.
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