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Hello - can you share the new rules for Toronto?
This is coming to Council in a week or so: http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2017.PG24.8
Absolutely yes.
There are hundreds if not thousands condos rented at very high rents to people who then rent them on short term, /2-3 days/, now with the new requirements the person running this enterprise would need to get permit from the condo management, which is impossible to get. So, very soon there will be lots of vacant condos for rent. Until now this was kind of under the radar. In buildings like ICE tower where short term rental is maybe quarter if not third of all units, the management started to take measures against it. Before the new rules there were 4-5 condos for sale in this two buildings, now there are about 20 new listings. Is this coincident?
Don't get me wrong, I'm hopping that the prices are steady, I have a condo on Queen's quay and Bay street, on top of that next year getting another at Q.q. and Sherbourne, for me it would be very bad if prices go down.
Hello,- Hundreds or thousands of condos being used as airbnb apartments...I agree, it could easily be more than that. But what about context?
According to the City in 2011, there were 484,000 condo units, one quarter of which are rented. What proportion of the whole market is Airbnb'd? 10% of rentals? That's only 12,200 units, or about 2% of total condos in Toronto. Not enough to move the market.
Even if there are tens of thousands of air bnb units, I have to ask...what are the owners' expenses? If they bought the condos years ago, then their breakeven cost (mortgage, property tax, utilities) isn't that high. And the regular rental market is robust.
Lastly, airbnb units have high rents, but also high vacancy, and high cost to service (cleaning personnel, etc).
You need to look at your Declaration and Rules to see what your Board is ALLOWED to do (or MUST do, they are legally obliged to enforce the Declaration and Rules). These MAY say something like "Each unit shall be occupied and used only as a private single family residence and for no other purpose" How do they decide that someone is a 'friend' rather than 'family' ? There may/probably are also "occupancy standards" noted in these documents, something like not more than 2 adults per bedroom. Stopping short-term rentals (if prohibited in your Declaration/Rules) makes perfect sense but forbidding a couple of un-related people to share a Unit seems impossible to me and almost impossible to enforce.
Hello,
