Airbnb Regulations in Ottawa
The City of Toronto is looking into Airbnb and how it affects real estate prices, neighbourhoods and rental stock. Will Ottawa be following suit and restrict Airbnb style short term rentals?
Some ideas being tossed around by some is to limit Airbnb listings to primary dwellings as the current Airbnb model allows owners to rent pretty much any time of properties. The current model allows a neighbor to essentially run their residential condo or house as a hotel.
According to an Ottawa lawyer, the problem with Airbnb is when investors are buying condos or homes with the sole intention of running the property as an Airbnb rental. This action makes what would normally be available long-term rentals off the market and makes them only available to guests booking a short term stay with Airbnb.
The City of Ottawa's economic branch published a report showing Airbnb listings had more than doubled from 2015 to 2016. These listing jumped from 566 to 1,314 in December of 2016.
With this year's festivities of Canada's 150th many are jumping on the opportunity and are renting out their properties. How do you feel about Airbnb properties and the rules surrounding them?
If you are looking to discuss buying investments properties call Roch St-Georges at 613-889-7732.