B.C. short-term rental restrictions reducing rents: study [Video]

Crackdowns on short-term rentals in British Columbia have effectively reduced rents by 5.7 per cent, saving tenants more than $600 million last year, says a report led by the Canada Research Chair in Urban Governance at McGill University.

That figure is the result of municipal restrictions, in particular requirements that short-term rental units must be located within the operator’s principal residence.

In Vancouver, for example, the report says renters are paying an average of $147 less each month than they would have without the city’s principal residence rule.

The report, led by research chair David Wachsmuth, says the recent provincewide regulation for communities with more than 10,000 residents has the power to carry similar savings across B.C., helping to ease affordability challenges.

The provincial change took effect in May, requiring listings on platforms such as Airbnb and Vrbo to be located in the operator’s principal residence and one secondary suite.

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