New short-term rental regulations in B.C. set to come into effect on May 1

The B.C. government has introduced new short-term rental rules that will come into effect on May 1, aiming to address the impact of platforms like Airbnb and VRBO on the housing market. Under the new regulations, short-term rentals can only be offered in the principal residence of a host, along with one additional unit, secondary suite, or laneway home/garden suite in communities with populations exceeding 10,000 people.

The government stated that these rules are designed to crack down on speculators who are essentially running mini-hotels while still allowing homeowners to rent out spaces in their principal residence. Premier David Eby emphasized the need to turn short-term rentals back into homes for residents, especially in the midst of a housing crisis.

To ensure compliance, short-term rental hosts will need to display a valid business license number where required by local governments. Additionally, short-term rental platforms will be required to share data with the provincial government.

The Provincial Short-Term Rental Compliance Enforcement Unit will be established starting May 1, with the authority to investigate alleged non-compliance and issue fines ranging from $500 to $5,000. The government is encouraging visitors with bookings after May 1, 2024, to confirm that their hosts are complying with the new regulations.

These new rules aim to strike a balance between regulating the short-term rental market and addressing the housing affordability challenges faced by British Columbians.