Hey there, everyone! We've got some sizzling news straight from The Canadian Press, dated September 13, 2023. 🗞️ It looks like the Tri-Cities – Coquitlam, Port Coquitlam, and Port Moody – are witnessing a massive surge in short-term rentals, with property owners seeing an incredible 45% spike in just a single year! 😲

📊 Key Stats:

• In August 2022, there were 446 total listings on platforms like Airbnb and Vrbo.
• Fast forward to August 2023, and guess what? We're talking about a whopping 807 active listings. That's some serious growth!
• Despite a brief slowdown during COVID-19, the overall rental scene has still shot up by an impressive 35% since 2018.

Port Moody takes the lead with a jaw-dropping 60% increase in short-term rentals in just one year (162 listings last August), and an astonishing 84% surge since 2018. 🚀

🏘️ Impact on Housing: Now, here's the kicker: Tsur Somerville, a professor at UBC’s Sauder School of Business, has raised concerns about housing. 🏠 With a vacancy rate of just 0.7% in the Tri-Cities, every home counts. Critics worry that short-term rentals are gobbling up available housing, making the rental market even tighter and sending those rent prices soaring. 📈

In fact, a study from 2020 found that around 31,000 Canadian long-term rental properties have transitioned into short-term rentals. That's like having all vacant rental homes in some places suddenly disappear! 😱

🌟 Regulation on the Horizon: To address this, B.C. Premier David Eby is eyeing regulations for short-term rentals. The plan? Create tools for local governments to better keep tabs on the situation. 📜 Currently, most regulations fall on the shoulders of municipalities, but resources for enforcing bylaws are limited.

🏢 How It's Regulated:

• In Coquitlam and Port Coquitlam, short-term rentals have some limits. They must be within a portion of an existing residential unit, operated by a permanent resident, and not the entire dwelling unit.
• Port Moody, on the other hand, takes a more relaxed approach with no specific regulations on "short-term rentals."

👮 Enforcement: Cities like Coquitlam and Port Coquitlam have seen an increase in business licenses for short-term rentals. While exact numbers on enforcement actions aren't clear, they're not shying away from fines for those operating without a license. 💰

📈 Supply and Demand: During the COVID-19 pandemic, the short-term rental game shifted from major cities like Vancouver to quieter spots like the Tri-Cities. While supply has surged over the past five years, the number of nights booked has also gone up. However, supply has outpaced demand, leading to a drop in occupancy levels. Nevertheless, occupancy rates are still higher than in the pre-pandemic era.

🤔 Is It All Bad? Well, it depends on where you stand. Somerville suggests that in less crowded suburban areas, Airbnb might not be such a bad guy. 🏙️ It can actually be quite useful. But when your vacancy rate is below 1%, it's a different story.

💰 Money Talks: So, why are property owners making the switch to short-term rentals? Money, baby! 💸 Depending on the location, Airbnb rentals can be as lucrative as hotels. Plus, they aren't subject to rent control. For example, a one-bedroom apartment could be rented for over $3,000 a month, but an Airbnb at $200 a night only needs 15 bookings to match that income.

📊 Let's Talk Numbers:

• In 2022, the average daily rate for short-term rentals was $150 in Coquitlam, $263 in Port Moody, and $137 in Port Coquitlam.

• The annual revenue for short-term rentals in these cities exceeds the average long-term rental prices for one-bedroom apartments.

• Coquitlam and Port Coquitlam are both cruising around $36,000 annually.

• Port Moody takes the crown with a median revenue of over $57,000, equivalent to $4,750 a month! 💰💰

🏠 So, what do you think? Is this short-term rental craze a blessing or a curse for the Tri-Cities? Let us know your thoughts! 👇 #TriCities #ShortTermRentals #HousingMarket #RealEstate #BCRegulations #VancouverMortgageBroker #NorthVancouverMortgageBroker #WestVancouverMortgageBroker #BurnabyMortgageBroker #CoquitlamMortgageBroker #SurreyMortgageBroker #NewWestminsterMortgageBroker #LangleyMortgageBroker #AbbotsfordMortgageBroker #MissionMortgageBroker #MapleRidgeMortgageBroker #PittMeadowsMortgageBroker #PortMoodyMortgageBroker #ChilliwackMortgageBroker #KelownaMortgageBroker #BestMortgageRates #BestMortgageBroker