VANCOUVER -- The City of Vancouver says proposed new rules for short-term rentals would allow for most such rental listings but also protect long-term rental housing as the city's vacancy rate dips below one per cent.
The new rules will be discussed by council next week and would allow homeowners or renters to advertise a room or their entire residence on a short-term rental platform such as Airbnb or Expedia.
Short-term rental operators would be required to hold a $49 annual licence issued by the city, and the licence details would have to be included on the rental platform advertisement.
The framework would ban short-term rentals of secondary residences but would allow home owners and renters to list and rent their principal homes.
In addition to the licence fee from operators, rental platforms such as Airbnb would also have to apply a transaction fee of up to three per cent and remit that fee to the city.
Mayor Gregor Robertson says the proposals will protect the rental housing supply while enabling local residents to make a little extra cash to supplement their incomes.