B.C.’s passage of new rules governing short-term rentals set the “gold standard” for other jurisdictions, and will encourage much-needed development in centres across the province.
Her comments echoed those of Ingrid Jarrett, president and CEO of the BC Hotel Assocation, which funded a study by the Urban Politics and Governance research group at McGill University into BC’s short-term rental market. McGill’s study found that in June 2023 there were 28,510 active short-term rental listings in the province on a daily basis. Of these, 48.4 per cent were operated by owners with more than one listing, and these accounted for 51.7 per cent of total host revenue that month. Put another way, the top 10 per cent of hosts earned 48.8 per cent of all revenue, indicating the highly concentrated nature of revenue flows.
This is a live issue for hoteliers, who say they’re increasingly supplementing the long-term rental market. While older hotels across the province have been a source of housing for low-income residents and even international students, Hotel Association of Canada research indicates that more than more than half of is members have diverted rooms to accommodate staff while 41% have provided housing to refugees of environmental or international crises.
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