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What Are the Various Impacts of Airbnb in Toronto Condos?

Airbnb has now turned out to become a reliable alternative to living in a hotel. Few people prefer booking a property in such a location where they can visit instead of visiting hotels.

Whereas some people still prefer hotels because of a lot of reasons like availability of breakfast, no room cleaning is required. You need to know the importance of Airbnb for buying a condo at any location.

image - What Are the Various Impacts of Airbnb in Toronto Condos
What Are the Various Impacts of Airbnb in Toronto Condos

In this post ahead, we will address the different queries related to this topic so that people can make up their minds accordingly.

What’s Airbnb?

Airbnb can be considered as a digital marketplace that connects hosts who are looking forward to renting out their residences to people who are in search of accommodations in that area.

Airbnb operates in 81000 cities and 191 counties across the world. Hosts who list their residences on Airbnb get a chance to earn money from their properties but risking the quality of the residence.

There’s no guarantee that your guest will take full care of your unit. For buyers or guests, it’s a way to take advantage of relatively lower prices, but at the risk that the accommodation won’t be as true as it appeared in the listing.

If you are looking for an Airbnb friendly condo unit, Tridel condos can be your best choice. Their professional would guide you in this regard, helping you buy your dream condo and enjoy the best quality of life.

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Airbnb Regulations in Various Cities

Different cities have implemented different Airbnb rules. For instance, New York and San Francisco have strict rules. Canada is comparatively more relaxed.

We have provided below a detailed description of how Airbnb is treated in the different locations in Canada:

  • Regulations of Airbnb in Toronto

Toronto enlisted a new set of rules and regulations for the customers in December 2017 to qualify for property acquisition in Airbnb.

Now, people offer their property on rent for a short term without concerning their chief residence. Also, it has imposed a ban on enlisting basement apartments as secondary suites.

  • Regulations of Airbnb in Mississauga

The city of Mississauga has allowed Airbnb in all types of residences that operate as basic residences. All condominiums that run there explicitly prohibit short-term rental properties and Airbnb is permitted.

  • Regulations of Airbnb in Vaughn

Airbnb is trying to impose the regulations for the short period rentals in Vaughan post a shooting that took place in May 2018.

  • Regulations of Airbnb in Ottawa

The authorities in Ottawa aren’t as strict with Airbnb regulations as Toronto. Though, starting from August 2018, a tax of 4% will get levied as an accommodation tax on all the listings of Airbnb in Ottawa which will be the same as the taxes included by major motels and hotels.

  • Regulations for Airbnb in Calgary

In the city of Calgary, Airbnb has set new regulations that will be implemented soon. The city council of Calgary would prefer introducing licensing which will be associated with the number of rentals.

  • Regulations for Airbnb in Vancouver

The new rules set by Airbnb in Vancouver started functioning in September 2018. According to the new rules, if you put your residence on rent in Airbnb, you must possess a license of business and mention it in the listing of Airbnb.

However, the rules set by the Vancouver authority are comparatively more flexible than that in Toronto.

Quality of life in Condo and Airbnb

Without a doubt, Airbnb has a considerable impact on the standard of living of the residents in several ways. Below mentioned are some ways in which it affects people’s lives:

  • Chances of drinking and partying all night. If you reside in a condominium and you want to offer it on rent, don’t be surprised to see youngsters partying and drinking.
  • Potentially greater crime-related risks like non-residents can enter the building at any time.
  • Frequent interference by the police. A lot of times, people who rent out condos on Airbnb don’t follow the proper guidelines, because of which the police have to intervene.
  • People have the least sense of responsibility. No proper maintenance is followed.
  • The risk of several people residing in a single condo unit, damaging it severely.
  • It’s risky because all insurance companies don’t provide Airbnb coverage.

Positive Impacts of Condo Life

A condo unit might be beneficial for several reasons as well, especially for condo owners. The high rental fees charged per night is highly profitable for them. Apart from that, it has the following benefits:

  • Wide Selection

One can find various kinds of properties on Airbnb, suite rooms, single rooms, apartments, houseboats, moored yachts, entire houses, and whatnot.

  • Free Listings

If you are thinking of listing your condo unit on Airbnb, you don’t have to pay for that. Listings can include a short description of your condo, a user profile where prospective buyers can know about the owner, photographs of the condo with suitable captions.

  • Hosts Can Set Their Price

If you are renting out your condo unit, it’s up to you what price will you charge for every week, month, etc.

  • Customizable Searches

Guests can apply a lot of filters, to find out the desired condos. They can search by price, location, type of property, amenities, and nationality of the host.

Airbnb and Condo Value

What is more alarming is the fact that Airbnb rentals can impact the condo value in buildings that permit short term rentals negatively. Condo unit owners are afraid and there’s ample reason for being so. They fear that the value of their condo properties might go down!

An Airbnb compatible condominium roughly offers a poor quality of living, high frequency of disturbances, quick wear, and tear of common areas. As people are getting a wide range of condominiums to choose from, they must pay detailed attention to the Airbnb aspect of condos and buy accordingly.