Dec 07, 2017
By Michael Kramer
Toronto city council has approved regulations for short-term rentals in the city – that would apply to such services as Airbnb.
The new rules allow the rental of a principal residence only – and homeowners won’t be allowed to list secondary suites..such as a basement apartment – for short term rental.
Entire home rentals will be capped at 180 days a year.
The city’s creating a registry of short-term rental landlords – who’ll have to declare that their rental property is their principle residence – and pay an annual fee of $50.
Around 10,800 Airbnbs were rented out in Toronto in 2016.
The company estimates that over three quarters of their Toronto landlords are renting out space in their principal residence.
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