Debate Continues Over B.C. Government's New Law on Short-Term Rentals

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.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Debate Continues Over B.C. Government's New Law on Short-Term RentalsThe B.C. government's new law to suppress short-term rentals has sparked debate over its potential unintended consequences. While the bill passed through the legislature quickly, concerns remain about the impact on the estimated 1,600 units in Victoria that were previously allowed as short-term rentals. Premier David Eby and Housing Minister Ravi Kahlon have addressed these concerns, emphasizing the aim to target profit-driven mini hotel operators and giving owners six months to decide whether to rent long-term or sell their units. The market has already seen an increase in listings of units for sale since the introduction of the bill.
Source: timescolonist - 🏆 15. / 75 Read more »

Debate Continues Over B.C. Government's New Law on Short-Term RentalsThe B.C. government's new law to suppress short-term rentals has sparked debate over its potential unintended consequences. While the bill passed through the legislature quickly, concerns remain about the impact on the estimated 1,600 units in Victoria that were previously allowed as short-term rentals. Premier David Eby and Housing Minister Ravi Kahlon have addressed these concerns, emphasizing the aim to target profit-driven mini hotel operators and giving owners six months to decide whether to rent long-term or sell their units. The market has already seen an increase in listings of units for sale since the introduction of the bill.
Source: PGCitizen - 🏆 65. / 51 Read more »

Debate Continues Over B.C. Government's New Law on Short-Term RentalsThe B.C. government's new law to suppress short-term rentals has sparked debate over its potential unintended consequences. While the bill passed through the legislature quickly, concerns remain about the impact on the estimated 1,600 units in Victoria that were previously allowed as short-term rentals. Premier David Eby and Housing Minister Ravi Kahlon have addressed these concerns, emphasizing the aim to target profit-driven mini hotel operators and giving owners six months to decide whether to rent long-term or sell their units. The market has already seen an increase in listings of units for sale since the introduction of the bill.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »