New Rules Rolling Out On May 1, 2024

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On May 1, 2020, BC will introduce significant changes to the short-term rental laws.

You can also find out more about the following: Short-Term Accommodations ActThe, which was approved by the Royal Assent on October 26,2023, was designed to increase the supply and quality of long-term housing, provide local authorities better tools for short term rental bylaws and create a new provincial registry that includes all short-term hosts. The overall goal of the legislation was to return short term rental units to the long-term rent market. Some changes were implemented immediately, but others will be in effect by May. 

Short-term rental units will be limited to the host’s primary residence and one secondary suite or accessory dwelling unit in municipalities with a population of 10,000 people or more, as well as the neighbouring communities. Protections for “legal non-conforming use”This will stop the operation of “legacy”Rental units for short-term stays that continue despite municipal ordinances.

The licenses of the businesses must be displayed in listings on short-term rental platforms.

More changes are coming this summer. Data sharing agreements between the government, short-term rental platforms and hosts will be implemented. A provincial short-term rent registry will also be established.

It’s important to note that while the new regulations establish a minimum standard for the province, they do not override any municipal regulations that are more stringent. The City of Kelowna, for example, has recently banned short-term rentals in all zoning zones. These rules will remain in effect.

There are some Key exemptionsIn the changes. These exemptions include hotels and motels, strata-hotels, timeshares and fishing lodges, First Nations Reserve Lands, modern treaty lands as well as First Nations reserve land.

Exemptions also apply to smaller communities and tourist destinations. This includes resort communities, mountain resorts and electoral areas. It also includes the Gulf Islands. Regional districts will have the power to license short-term rentals. Small exempt municipalities are allowed to opt-in to the regulations, despite being initially exempted. 

There are also possible opt-out mechanisms available for local governments, if the rental rate is at least 3% for a period of two years. These are however very limited. They only apply to geographical areas and not to specific buildings or parcels. 

The BC government has Further InformationDetails about the new regulations, including exemptions and opt-out provisions.


‘ Credit:
Original content by www.canadianrealestatemagazine.ca – “New Rules Rolling Out On May 1, 2024”

Read the full article here https://www.canadianrealestatemagazine.ca/news/bc-short-term-rental-changes-new-rules-rolling-out-on-may-1-2024/

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