The report reveals that STR regulations – particularly principal residence restrictions implemented by municipalities before the introduction of the Short-term Rental Accommodations Act of Bill 35 – have decreased rents by 5.7%, saving B.C. renters more than $600 million in 2023 alone.

Key Findings:

STR regulations are proving effective: Current STR regulations across Ontario already save tenant households more than $1 billion annually.
Principal residence restrictions work: Municipalities with principal residence restrictions experienced rent increases that were 3.3% lower, saving tenants an average of $50 per month.
Province-wide potential savings: Expanding principal residence requirements across Ontario could save renters an additional $572 million annually.

Globe and Mail,  August 4, 2024 Statistics Canada’s report last week, “Short-term Rentals in the Canadian Housing Market,” reveals that by 2023, 107,266 housing units had been converted to commercial short-term rental (STR), rendering them unavailable for long-term occupancy. Comparing this number to Canada’s current total housing stock of 15,495,361 units, Statscan suggests that a seemingly […]