CONVERTING FROM SHORT TO LONG TERM RENTALS
To conform with the new legislation and avoid paying substantial fines…
Let us help you convert your vacation Air BNB to a long term rental. We will find you quality tenants, do a thorough application screening and processing; prepare all legally binding lease documents and paperwork; walk-through and move in inspection report/handover of keys; rent collection; coordinate all repairs with qualified trades; handle any tenant issues; on call 24/7/365 for tenant emergencies.
You will have hands-free rental property management and peace of mind!
We are a boutique full service real estate brokerage specializing in rental property management. We have over 25+years of experience with an A+ rating with the Better Business Bureau. We are established and rooted in our Coal Harbour community, owning our retail front office on West Pender Street. Our experienced team of licensed property managers, real estate sales professionals, administrative and accounting support is here to assist you in the exceptional management of your property. Our objective is to evaluate every property owners unique situation, minimize their risks, maximize their returns, and provide hands free management.
Avoid Fines and Penalties
Regional districts can now impose a maximum fine of $50,000 for bylaw violations under the Offence Act, up from the previous $2,000 limit. This is comparable with the maximum fines imposed on towns under the Community Charter.
The Community Charter Bylaw Enforcement Ticket Regulation and Vancouver Charter By-Law Enforcement Ticket Regulation now allow local governments to set a maximum municipal ticketing fine of $3,000 per offense per day, up from $1,000 previously. This fine may be applied in:
- Municipalities
- Regional districts
- The Islands Trust
Short Term Rental Accommodations Act
Overview of B.C.’s Short-Term Rental Accommodations Act, effective May 1st, 2024.
B.C. is experiencing a housing crisis, with a shortage of affordable homes, especially long-term leases.
The growth in short-term leasing of entire homes is displacing British Columbians who desperately need housing. According to data from 2023, more than 16,000 complete residences are used as short-term rentals for the most of the year in British Columbia. This is making it more difficult to locate cheap long-term housing.
Many local governments have made steps to control short-term rentals, but enforcing regulations is difficult, and they have urged the Province for additional tools and resources.
The Act’s purpose is to:
- Return short-term rental properties to the long-term housing market.
- Give local governments more tools to enforce short-term rental restrictions.
- Create a new provincial responsibility to regulate short-term rentals.
The Act pertains to short-term rentals given to the public, including:
- Platforms such as Airbnb, VRBO, Expedia, and FlipKey allow users to reserve and pay for accommodations.
- Offers in various web listing venues, such as Facebook Marketplace, Kijiji, and Craigslist
- Classified ads in newspapers.
This Act will not apply to:
- Hotels and motels
- Reserve lands
- Nisga’a or Treaty First Nation lands (unless the Nation opts into all or part of the legislation through a coordination agreement with the Province)
- A recreational vehicle (RV).A temporary shelter, such as a tent.
OWNERS! Avoid Fines, Convert From Short Term To Long Term Rental Accommodations with Downtown Suites Ltd.!
What is a Short Term Rental / AIRBNB?
Airbnb is an online marketplace that connects travelers seeking accommodations with individuals who have space available for rent. Founded in 2008, Airbnb has grown into one of the world’s largest platforms for short-term rentals, offering a wide range of lodging options, including private rooms, entire homes, apartments, villas, and unique properties such as treehouses and yurts.
Hosts list their properties on Airbnb’s platform, providing details such as location, amenities, availability, and pricing. Travelers can then browse listings, read reviews, and book accommodations directly through the website or mobile app. Airbnb facilitates the booking process, handling transactions and providing support to both hosts and guests.
One of the key features of Airbnb is its emphasis on offering unique and personalized experiences for travelers. In addition to traditional accommodations, Airbnb also offers “Experiences” which are activities and tours hosted by local experts, allowing travelers to explore destinations and engage with communities in a more immersive way.
Overall, Airbnb provides a convenient and flexible alternative to traditional hotels and accommodations, allowing travelers to find a variety of lodging options tailored to their preferences and budget, while also providing opportunities for individuals to earn income by renting out their properties.
What is a short-term rental?
The Province defines short-term rentals as accommodations supplied to members of the public on or within a host’s property in exchange for money for less than 90 consecutive days. Stays at hotels, motels, and strata hotels are not considered short-term rentals.
What is the situation with short-term rentals in British Columbia?
The Province will introduce a provincial principal residency requirement in most urban communities in British Columbia beginning May 1, 2024. This will restrict short-term rentals in these communities to the host’s primary residence (where the host spends the bulk of the year), effectively converting short-term rentals into long-term rentals.
Hosts will also have to display a business license in regions where it is required by the local authorities.
Don’t leave your investment suite empty – For more than six months. The annual VANCOUVER EMPTY HOMES TAX and BC SPECULATION TAX will cost you tens of thousands of dollars!!
Be aware that if your home is left vacant (for more than six months) you are subject to the following taxes…
VANCOUVER EMPTY HOMES TAX
https://vancouver.ca/home-property-development/empty-homes-tax-frequently-asked-questions.aspx
BC SPECULATION TAX
Here are some links with more information.
https://www2.gov.bc.ca/gov/content/housing-tenancy/short-term-rentals/short-term-rental-legislation
https://www2.gov.bc.ca/gov/content/housing-tenancy/short-term-rentals
https://vancouver.ca/doing-business/short-term-rentals.aspx
https://vancouver.ca/doing-business/short-term-rentals-check-if-you-can-rent.aspx
