Recently, a client asked me about the upcoming BC ban on short-term rentals and its potential impact on their basement Airbnb. It's a pertinent question, and I want to ensure you have clarity on how the new regulations may affect your property.
My client was concerned because she would have to shut down her basement suite Airbnb, which is a significant monthly income.
Here’s what I found out:
Beginning May 1, 2024, the Province of British Columbia is implementing a provincial principal residence requirement for short-term rentals. Here are the key points you need to know:
Principal Residence Requirement: Short-term rentals will be limited to the host's principal residence. Additionally, hosts will be allowed to rent out one secondary suite or accessory dwelling unit.
In practical terms, if you are residing in the main part of the house and / or are renting out your basement suite, you are compliant with the new regulations.
Click these links to visit the official BC Government website:
If you know anyone who is renting out their basement suite in BC, please email this to them.
If you have real estate questions, don't hesitate to reply to this email, I'm here to help.
Thank you for keeping me top of mind for real estate.
Disclaimer, this article is believed to be accurate, but check with the government to confirm any information.