policy
06. policy There is a new sense of urgency from the provincial government in addressing housing affordability, and it's taking a shotgun approach with a variety of new policies announced. From new mandates for density around transit, restrictions for short-term rentals, elimination of single-family exclusionary zoning, the BC Builds program on the supply side, to the addition of a flipping tax, changes to the property transfer tax exemption, and expansion of the speculation and vacancy tax exemption on the demand side, there is a lot to evaluate.
THE LONG AND SHORT OF IT As individually-owned short-term rental accommodations have grown in popularity alongside a constrained long-term rental market, the provincial government has decided to intervene. Effective May 1, 2024, short-term rentals are now limited to a host’s principal residence plus one secondary suite or accessory unit, and includes new licensing requirements along with steeper fines for non- compliance (up to a maximum of $50,000). The policy applies to municipalities with a population of 10,000 or more and adjacent communities (with some notable exceptions including resort areas like Whistler).
This policy is likely to boost secondary-market rental housing supply in some of BC’s larger municipalities where short-term rentals were relatively popular, though it will likely be a marginal increase as the secondary rentals are already a major source of rental housing. It will also likely have the side-effect of putting upward pressure on hotel room prices as visitors will have fewer options for accommodations going forward.
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