A new McGill University report is calling for tougher rules for B.C. short-term rentals as lest they continue to take thousands of rental-housing units off the market.

If the province’s STR market maintains its current trajectory, STR-induced housing losses to such services as Airbnb and VRBO will increase 15.6% to 19,400 by summer 2024, says the report. Such an increase would spell a $23 average rise in monthly rents STRs exploded 19.% year-over-year in June, taking 16,810 housing units off the market.

McGill’s Urban Politics and Governance research group, led by David Wachsmuth, completed the report for the B.C. Hotel Association. The report calls for mandatory province-wide STR host and booking-registration systems. It also urges the province and municipalities to regulate STRs and consider principal-residence restrictions that redirect STR activity towards home-sharing and away from commercial operations.

The B.C. government plans to introduce STR rules this fall. Halifax implemented new STR regulations September 1 but the regional municipality has proceeded slowly on enforcement. Quebec has also introduced STR regulations.

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