According to research conducted by McGill, Airbnb has removed more than 31,000 homes from the rental listings across Canada. The impact of this can be felt while witnessing the strain the housing rental market throughout the cities, towns, and even rural areas are feeling.
The Airbnb Strain
The increase in exclusive short-term rental properties removed 1.5% rental homes across the nation or more than enough homes in North Vancouver!
Airbnb listings have added to the rental housing woes in addition to low rental property construc-tion and multiple restrictions on homeownership.
Toronto, Vancouver, and Montreal have the highest density of Airbnb properties. Thus, pushing the median rate for both rental and sale prices, unnaturally upwards.
This is harming the availability and affordability of the houses in the area.
In B.C. itself, the number of times short-term rental was opted for far outweighs long term rent agreements.
Short-term Rental vs Long-term Rental
As per Dany Papineau, a landlord, short-term rentals offer:
- more control to the owners,
- can be used by the owner whenever they want, and
- More money in a shorter period of time.
The Results
With the introduction of new and more stringent regulations and taxes, experts believe that the rent situation is getting better in Canada.
But some, see a not so rosy situation. Decades of neglecting the housing initiatives have created multiple issues of which, a short-term rental is just one part. Solving this issue won’t really solve the affordability issues.
Non-Profit Housing Association, B.C.’s Brian Clifford says that rents are rising steeply and they are rising in disproportion to the income of the renters.
Market Anticipation
Even then, it is expected that around 5,000 properties will come back on the long-term rental market.
With a plan to deliver 114,000 custom-built units over a decade, of which 22,459 are underway; 3,281 ready, 6,304 under construction, and 12,874 under approval and developmental process, the rental housing market is expected to recover slowly but surely.
B.C. and Wachsmuth are leading the nation in how to manage housing affordability and supply.
But it is the government that needs to pick up the mantle and deliver at every level; investment in public housing, market housing, and subsidized housing.
