Dec 07, 2017

By Michael Kramer

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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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