“[Airbnb] has an impact on supply; for sure, it does,” said Bonen in an interview.
But, he added, Airbnb units account for only 1% of the total Canadian rental-housing supply. Only 0.5% of Canadian households are being used for Airbnb rentals.
Regulators are toughening STR rules as a means of offsetting a chronic rental-housing shortage. The Conference Board’s findings differ from a McGill University report that found STRs removed 16,810 housing units from the long-term rental market in the past year.
“We need to look at the overall supply of housing as a long-term solution,” said Bonen.
He said Conference Board researchers were surprised to find that Airbnb rentals did not lead to a significant increase in long-term rents between 2016 and 2022. Airbnb and the Conference Board maintain that the report’s findings differ from others because board researchers used actual bookings figures instead of scraping data off STR listings.
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.