“We’ve seen very directly thousands of formerly full-time short-term rentals leave the short-term rental market,” Wachsmuth said in an interview with CBC’s The Early Edition on Wednesday.
But it’s still unclear what happens to these units after they are removed from the STR listings.
Wachsmuth said researchers and policymakers will have to wait for the Canada Mortgage and Housing Corporation to release its annual data in order to see the rules’ exact impact on vacancy rates and the number of long-term rentals.
Oh, so things should be getting better right?
“the average rent for a one-bedroom apartment in Victoria has increased by 4.4% over the past year” https://dailyhive.com/victoria/victoria-average-rent-2024
It does look like some cities in the province have gotten a little cheaper (namely Vancouver and Kamloops) but most places are still rising. Nanaimo, Surrey, and Victoria all still went up.
Renters would pay an extra $1 billion within two years if the province’s rules were to be repealed after this year, says the report released Wednesday.
https://www.vancouverislandfreedaily.com/news/short-term-rental-restrictions-saved-bc-tenants-more-than-600m-study-7543797
