The
Vancouver city had announced that it is working to remove the short
term rental listings from the city and thereby allowing the licensed
residents to operate their units in the principal residences. Mayor
Gregor Robertson said that, the city staffs are trying to implement
new license that would permit the short term rental to operate in the
principal residences, this will be applicable for both the owned and
rented.
If
the council implements the proposed regulations, then the residents
have to list all of their principal residences or the part of the
principal residences. They have to list the properties occupied by a
family or by the single person throughout the year on the online
rental websites like Airbnb.
In
order to get the license, the owners or the operators need to prove
that they controlled the home through the copy of the title or the
tax assessment. And those who are rented have to show the signed
tenancy agreement that should reflect the short term tenants are
allowed.
They
should provide the regular personal business address with the valid
photo id and also they should provide the utility bill dated for the
last three months.
The
owners or the operators need to post their license number along with
any of their listings. Strata bylaws prohibit that the short term
rental are not eligible to get such a license.
The
general manager of the development services, building and licensing,
Mr. Kaye Matheny Krishna said that, the units which are not the
principal listings has to be handled to the long term rental market,
so the people who are the residents of the Vancouver can do so. He
says that, the short term rental properties are illegal because they
are just a kind of investment properties and they are in the
structure of the boats and trailers.
Kaye
Matheny Krishna said that the lane houses or the secondary units
would not be eligible for the license because they are not used as
the principal residence. But the renters of those units can use them
as the short term rentals by getting approval from their landlords.
Robertson
feels that, according to the regulation of the short term rentals and
the empty homes tax, which was announced recently, many of the long
term rentals housing will be given back to the market.
The
mayor said that, the main intention is to have balance between the
short term rentals and to allow path for some people to continue to
do it. But focus is given to the long term rentals and safeguarding
the long term rental supply.
Housing
is more important about homes; it is not about operating a business,
in case of the situation like this, renting and affordability has
become rare. So there will be the low frequency of vacancy. So it is
important to take the steps for short term rentals and dealing with
the empty homes to make arrangements to get the rental supply.
As
per the news from the city, there are about 5,300 unique short term
rental listings. The new regulations would permit half of the short
term listings and almost all of the private room listings. But it
will ban about 1000 homes; they can be later used as the long term
listings.
Andreea
Toma, the chief licensing officer said that, until the new
regulations are implemented, the city will try to follow the laws
against the operators whose listings are unique and created a
significant impact to the people. She also said that, they don’t
want to see the multiple investment apartments for the shorter term
rentals.
The
accomplishment will be based on the observation of the short term
rentals and the investigations will be going on to check the short
term listings have the valid license or not. And the city will follow
up about the active listings.
Krishna
said that, the fee structure has to be planned and it will be the
next phase of planning. Robertson said they are not trying to make
money out of this. The city said that the short term rental licenses
are subject to the hotel tax and the other taxes; they will be
reinvested to fund the housing activities.
The
city began to study the short term rental use Vancouver and also in
other 20 cities. If the new legislations are approved, the staffs
will discuss with the rental sites like Airbnb, travel agencies and
hotel industry before implementation.
Vancouver
has few things to tell Los Angels
The
home prices increase year after year, and the economists predict that
the prices will burst if this is the situation in the future. It is
rapidly increasing for the past 15 years and still no solution has
been found. The real estate prices have increased up to one third of
the amount than the last year. The normal price for the home is
$930,000 and the household income is $70,000.
It
was difficult to point out, when the people of Vancouver came to
realize that the building sector was out of control. It is the
crucial situation for the Vancouver as per the present. The average
person of Vancouver could save for 25 years to place a down payment
for the typical property. It is not possible to find the suitable
rental place because the vacancy rate is less than 1%, but the prices
and the rents tend to increase whatever the situation is.
The
15% tax for the property purchase by the foreigners was implemented
quickly, and many contractual deals were changed and they were made
much more costly. An empty home tax is under work; the city may
charge 2% additionally if the owners do not occupy the house or rent
it to the other people. Airbnb will face many obstacles to free up
many rental units.
The
soft protectionism will not help to stop the expansionism. This is
not the prettiest act. Vancouver at present is not the city that
everyone has expected. It is the politically and the socially
affected city. Federal Tax officials have been sent to the city to
investigate the local real estate transactions. The politicians
depend on the developers to give funds for their campaigns. The city
depends on the jobs for the survival; the provenance depends on the
taxes from the people whereas, the federal government depends on the
foreign investment and the home owners are depending on the inflated
equity at the time of their retirement.
This
is a kind of the racialism in the city, and the people of Vancouver
have not experienced this before. Media has shown how the real estate
industry has changed and it has documented the examples of the
misbehavior.
It
is possible to find the solution for this problem, but the lesson
learnt from the Vancouver issue is that when the city lies between
the mountains and the oceans it becomes the target of many people and
not much they can bring an end to the market places.
Mayor
Gregor Robertson said that, Vancouver is seeking attention for the
balance of the short term rentals that will ensure the proper usage
of all the housing. And the long term rentals will be protected and
the residents will be allowed to do the short term rentals in their
principal residences.
Author
Bio : Anand
Rajendran is the Co-Founder and CEO of Jeato, one of the top most
android app development companies in Chennai. He is also a digital
marketing specialist who guides business companies to boost sales in
internet marketing.
Jeato, a Vacation Rental software product developed by this company
called
Homezu Script which is nothing but an Airbnb
Clone Script which also comes with Android & iOS Apps
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