By Ashley Joannou

Gandall, who has lived within the Period on Yates advanced for a decade, described lengthy waits, packages going lacking and scratched partitions from the excessive variety of guests utilizing a few of its 157 models as short-term leases. 

He stated residents started to name their constructing a “ghost lodge.”

“The main concern was the disruption, the upkeep points and the difficulty of theft. We did have extra frequent break-ins in our storage lockers,” he stated.

“There was some vandalism within the parkade, and we expect that was additionally as a result of when you could have short-term renters, it’s a lot simpler for short-term renters to produce other folks entry the constructing.”

Within the yr since British Columbia carried out rules cracking down on short-term leases, Gandall stated issues had improved, and it appeared extra Period models have been getting used long run. But it surely hasn’t fully prevented folks attempting to dodge the principles.

“My impression is that because the passage of the provincial laws final Could, coupled with some initiatives by the native metropolis council, there was a dip within the noticeable (short-term rental) exercise, not solely on the Period, but additionally once I’ve spoken to different involved residents in a few of the different main highrises,” he stated. 

The rules that got here into impact on Could 1, 2024, cowl most communities of greater than 10,000 folks. They limit short-term leases to principal residences, a secondary suite or a construction like a laneway home on the property.

B.C. Housing Minister Ravi Kahlon is declaring victory, pointing to dropping rents and hundreds of models being faraway from web sites like Airbnb and VRBO. However consultants say market forces are too advanced to credit score one issue for the adjustments.

Kahlon stated hundreds of properties that was once on short-term-rental web sites at the moment are in the marketplace or getting used as long-term leases.

“All my colleagues have tales from their communities of individuals which are transferring into what was once a short-term rental and is now obtainable for households long run,” the minister stated in an interview earlier this month.

“And we’re seeing rents come down throughout the province, in each neighborhood.”

Property homeowners have till Could 1 so as to add their properties to a provincewide registry so as to have the ability to legally use them for short-term rental.

Kahlon stated about 15,000 properties have been on the registry originally of April, and his workplace reported greater than $3 million had been collected in registration charges.

“Earlier than the registry was launched, we estimated roughly about 22,000 short-term leases have been on the totally different platforms. We have now 15,000 which are registered so far, in order that we (have) about 7,000 operators that both haven’t utilized or maybe have determined to not keep within the enterprise of short-term rental working. In order that’s important,” he stated.

Hosts who don’t register their properties could have their listings taken down beginning Could 1, and have future bookings cancelled beginning June 1.

Knowledge supplied by the Ministry of Housing reveals that from Could 2024 to February 2025, many communities noticed a big drop within the variety of complete properties listed on short-term rental websites.

The ministry says such listings within the Metropolis of Kelowna dropped 31%, whereas these in Victoria dropped 24% and Vancouver listings dropped 22%.

The communities additionally noticed a rise in emptiness charges from 2023 to 2024, in response to the information.

Numbers printed by the web site leases.ca present common lease in B.C. was down 0.6% year-over-year in March, based mostly on listings posted on the location, whereas Vancouver noticed a 5.7% drop. It was the sixteenth straight decline in condo rents within the metropolis, which has had numerous short-term rental guidelines since 2018, though it stays the most costly place in Canada to lease.

The web site’s month-to-month report says common asking rents in Canada fell 2.8% to $2,119 in March. Lease for flats in Toronto was down 6.9%, the 14th consecutive decline within the metropolis, which additionally just lately carried out restrictions on short-term leases.

But it surely hasn’t been one-way motion. Lease in Victoria was up 3% in March. And in February, the Canada Mortgage and Housing Company forecast that whereas B.C. would see greater emptiness charges over the following few years resulting from decrease inhabitants progress, common rents would rise as extra new, higher-priced models come to market.

The company’s most up-to-date rental market report, for fall 2024, stated common Vancouver lease for a two-bedroom condo was up 5.5% in October from a yr earlier, though that price of progress had slowed.

Andy Yan, director of the Metropolis Program at Simon Fraser College, stated whereas some information counsel lease and apartment costs have gone down, there are too many competing components to have the ability to particularly credit score the short-term rental guidelines.

Different components might embody rates of interest, the final financial state of affairs, or adjustments in immigration, he stated.

“There’s a number of noise attempting to determine what the sign appears like. And I believe that that’s the massive problem, actually attempting to filter by what has occurred within the one yr since B.C. adopted the short-term rental legal guidelines,” he stated.

Will Gladman, with the Vancouver Tenants Union, stated its members haven’t been reporting lease lower, however quite “fairly reliably” are being hit with will increase.

He stated even when some numbers counsel rents are dropping barely, the price to reside within the metropolis stays very excessive.

“(It’s) nonetheless unbelievably costly and method out of attain, even for folks making a reasonably respectable revenue within the metropolis,” he stated.

Gladman stated the group didn’t anticipate the adjustments to short-term leases to make a big distinction, although they’re in favour of any enhancements that don’t contain displacing folks from their houses.

“These have been models that, from our perspective, have been wasted and at the moment are changing into houses for folks. So clearly, that’s constructive,” he stated.

“However when you could have a provincial authorities that’s attempting to depend on these type of supply-side tweaks, and nonetheless to rely in the marketplace to supply some type of an inexpensive housing technique, we’d by no means anticipate it to go very far.”

Brendon Ogmundson, chief economist for the B.C. Actual Property Affiliation, stated whereas the federal government’s aim of accelerating housing provide is comprehensible, the principles could have carried out extra hurt than good general, contemplating impression on tourism.

He stated decreases in rents have extra to do with components like new models hitting the market and inhabitants progress falling, notably amongst teams with excessive demand for leases, reminiscent of worldwide college students and non permanent overseas employees.

“(It’s) onerous to find out how a lot of an impression (the brand new regulation has had). My guess is fairly small. It’s definitely impacting issues in tourism. It’s much more costly to get a lodge now, in a number of areas, there’s not a number of selection. However I don’t suppose it’s had a significant impression on issues like rental affordability,” he stated.

In Victoria, Gandall frightened that as lodge costs climbed, the federal government could also be tempted to roll again some short-term rental guidelines.

In an interview this week with Chek Information, B.C. Premier David Eby stated when the province will get “again to wholesome rental ranges in communities” the federal government would scale back restrictions on short-term leases. 

Gandall stated Airbnbs nonetheless run in his constructing. He additionally suspects not everyone seems to be being sincere after they declare a unit as their major residence.

However Kahlon stated the federal government goes by a prolonged course of to substantiate whether or not a short-term rental qualifies.

The minister stated there’ll at all times be folks in search of methods to interrupt the principles, however that the fines — $5,000 a day for individuals who are caught — are a big deterrent.

“I believe that we’re going to see different provinces which are going to maneuver down the identical path as us,” he stated.

“And we’re listening to from our native authorities companions particularly that this method is working a lot better of their communities, and we’re going to proceed down this path as a result of it’s the appropriate factor to do to make sure folks have entry to inexpensive housing in our communities.” 

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Final modified: April 24, 2025