Over 100,000 short-term rentals could be long-term homes: StatsCan
CBC
A new report by Statistics Canada shows the country's total number of short-term rental listings increased by more than 60 per cent between 2017 and 2023, while the number of short-term rental units that could be used as long-term housing grew by more than 80 per cent.
B.C. had the highest percentage of short-term rental units suitable for long-term housing, followed by Prince Edward Island.
Short-term rentals that could potentially be long-term housing made up less than one per cent of Canada's total housing stock, according to the data.
This report adds more fuel to the B.C. debate over the province's recent crackdown on short-term rentals in a bid to bolster the long-term housing market.
Proponents of the new regulations, which restrict short-term rentals to principal residences, say any housing added to the available stock will help in the current crisis, while an Airbnb spokesperson and short-term rental owners say it won't make a difference.
Marie-Christine Bernard, assistant director of Statistics Canada and co-author of the report, noted that the research, which used data up to 2023 from Statistics Canada and short-term rental tracking platform AirDNA, did not look at the impact of short-term rentals on affordability or vacancy rates.
"We wanted to put it in perspective in terms of the housing market. We didn't want to necessarily say that it's not significant. It depends on the community," she said.
Bernard said that to determine which short-term rental units had the potential to become longer-term housing, researchers looked at units that were not vacation homes, offered an entire house instead of a private room and were available to rent at least 180 days out of the year.
The data only includes short-term rentals from the Airbnb and VRBO platforms.
The report found more than 100,000 short-term rentals that could be homes. Although a small percentage of the overall housing stock, B.C. leaders argue that returning some short-term rentals to the long-term market could go a long way toward helping those currently struggling.
It comes as B.C. begins to ramp up enforcement efforts of its new short-term rental restrictions in the wake of a preliminary analysis by the province, which found more than 10,000 listings operating illegally.
B.C. Housing Minister Ravi Kahlon said in an interview last week with the CBC that he has found it difficult to add to the available housing stock due to the growing number of units used for short-term rentals in communities across B.C.
"My view is we need this housing available to people here," he said.
Ontario and British Columbia had the highest share of short-term rental units that could be potential long-term homes in 2023, with 38,955 and 29,643, respectively.
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