B.C. Premier David Eby wants to see more hotels developed now that the province has introduced new legislation restricting short-term accommodation rentals.
“We do expect that this will lead hotel chains and others to look at investing in additional hotel space in B.C., purpose-built accommodation for tourists,” Eby told reporters on the same day that his government tabled the STR legislation.
It remains to be seen how hotel developers will respond to Eby’s wish. Many hotels are just now returning to occupancy levels and room rates experienced before the COVID-19 pandemic.
Eby’s government has drawn widespread praised for its move. Federal Finance Minister Chrystia Freeland applauded the new B.C. legislation and said Ottawa is examining how it can turn more STRs into long-term rental housing.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.