housing
A SHORT-TERM VIEW TO A LONG-TERM ISSUE In an effort to boost rental housing supply in British Columbia, the provincial government enacted restrictions on short-term rentals. Notably, very few of these homes are suitable for long-term habitation.
With the ever-expanding popularity of short-term rental accommodations and a growing shortage of housing in many parts of British Columbia, the provincial government opted to place tight restrictions on what could be used as short-term rentals in municipalities of 10,000 people and greater with some exceptions, starting May 1st. Only principal residences, secondary suites, and accessory dwelling units are allowed to be used as short- term rentals. And while the number of long- term rental listings in major markets in BC have increased since the beginning of May, the majority of short-term rental listings are in dwellings not suitable for long-term housing (whether rented or owned).
Here in Metro Vancouver, no municipality had as much as 1.0% of its housing stock as short-term rentals that could otherwise be long-term accommodation. The City of Vancouver had the highest share of its housing stock listed as short-term rentals (2.8%), but only a small portion of this (equivalent to 0.8% of housing stock) was deemed suitable for long-term housing. In the broader region, Squamish had the greatest share of short- term rentals (5.1%), but a much smaller share (equivalent to 1.4% of housing stock) had long-term housing potential. This policy is not making much of an impact on the overall supply of housing and has negative implications for tourism accommodations.
STOCKING UP ON RENTAL HOMES
6.0%
5.1%
5.0%
1.4%
4.0%
3.0%
2.8%
2.5% 2.6%
2.3%
0.8%
2.0%
0.8%
0.6%
2.0%
0.7%
1.6%
0.4%
0.5%
0.9% 1.0%
0.8%
1.0%
0.2%
0.2%
0.2%
0.0%
*
*
* includes both City and District Municipality
SHORT TERM RENTALS
POTENTIAL LONG TERM DWELLINGS
SOURCE: STATISTICS CANADA DATA: PROPORTION OF HOUSING STOCK BEING USED AS SHORT-TERM RENTALS AND PROPORTION OF SHORT-TERM RENTALS WITH POTENTIAL FOR LONG-TERM DWELLING, METRO VANCOUVER
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