Airbnb has grown tremendously in the last several years as many travellers go-to accommodation site. Here in Vancouver, the City has a fairly strict policy as to who can Airbnb their property. Prior to 2018, rental stays for less than 30 days were not permitted in Vancouver, except for licensed hotels or bed-and-breakfasts in certain zoned areas. However, due to high rental and low vacancy rates, the city voted to begin allowing short term rentals in certain buildings.
There is a pretty heft list requirements that you must qualify for in order to rent your unit out on a short term basis, but given the high traffic of tourists and visitors to our beautiful city, it can certainly be a profitable venture if done correctly. In order to be eligible, you must occupy the home for most of the year, and it must be a legal suite that meets all of the safety requirements. Precautions such as proper smoke alarms, carbon monoxide detectors, fire extinguishers and more will be checked for prior to licensing. Provided your suite is secure and safe, you will need to acquire a short term rental business license from the City of Vancouver. The license requires you to pay a small annual fee to maintain your license.
As reatlors, we are familiar with many building bylaws, and have compiled a list of buildings that allow Airbnb in downtown Vancouver:
- 1372 Seymour Street (The Mark)
- 33 West Pender Street (33 Living)
- 989 Nelson Street (Electra)
- 27 Alexander Street (Alexis)
- 1010 Howe Street (Fortune House)
- 1166 Melville Street (Orca Place)
- 689 Abbott Street (Espana 1)
- 188 Keefer Place (Espana 2)
- 58 Keefer Place (Firenze 1)
- 150 E Cordova
- 1160 Burrard Street
- 1200 Alberni Street (The Palisades)
- 1288 Alberni Street (The Palisades West)
- 933 Seymour Street (The Spot)
- 1331 Homer Street (The Point 2)
There are so many benefits to buying in an Airbnb friendly building. If you like to travel, or spend a lot of time travelling for work, it is a great way to dramatically reduce your expenses. We have many clients that have positively cash flowed each month off of their unit while they've been exploring the world! There is also a lot of value in having this option for your building when it comes to resale, because as you can see, Airbnb friendly buildings are limited. If you have any questions about how to align your goals with short term rentals, please feel free to give us a call!