Federal Finance Minister Chrystia Freeland is applauding the B.C. government’s new legislation restricting short-term accommodation rentals.
“This is a positive and important step in the right direction in an area of provincial jurisdiction,” Freeland said during a news conference on Tuesday.
She said Ottawa is examining how it can convert STRs into more long-term rental housing units. Her comments substantiated a Globe and Mail report that the feds want to limit STRs.
The B.C. crackdown on STR activity includes increasing violators’ fines to $3,000 from $1,000 per infraction per day. Freeland, federal Housing Minister Sean Fraser, provincial officials and local government leaders maintain that STR operators like Airbnb, VRBO and Expedia are taking thousands of long-term rental units off the market.
But Airbnb and the Conference Board of Canada maintain that STRs have not raised long-term rents and are not having a large impact on multi-residential housing supply.
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.