TORONTO — A hearing on the fate of Toronto’s short-term rental market is getting underway at the city’s Local Planning Appeal Tribunal.
Regulations for short-term rentals such as those available through Airbnb were approved by Toronto city council at the start of 2018, but were appealed before they could be put in place. A delay in the appeal process last year put off the hearing until this week.
The short-term regulations include restricting rentals to the owner’s principal residence and requires short-term renters to register with the city and pay a four per cent municipal accommodation tax.
The rules also allow an entire primary residence to be rented out when an owner or long-term tenant is away, up to 180 nights per year.
Vancouver brought in rules last year requiring short-term renters to get a business licence and also restricts rentals to a primary residence.
The rules are designed to limit the impact of short-term rentals on the availability of longer-term rental stock as major cities face tight rental markets.
The Canadian Press