The federal government will crack down on short-term rentals, the Toronto Star reported.
Citing an unidentified federal official, the Star reported that Ottawa will no longer allow STR providers to claim their rental-unit expenses against income that they earn. The measures will be introduced in Tuesday’s budget update and take effect in 2024.
Some provinces and municipalities have introduced tighter restrictions on STR to boost permanent rental-housing supply amid a chronic national shortage. Federal Finance Minister Chrystia Freeland has applauded B.C.’s proposed new legislation restricting STRs.
The Globe and Mail previously reported that the feds want to limit STRs. Federal, provincial and local government officials maintain that STRs have taken thousands of long-term rental units off the market.
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.