Airbnb listings have doubled in Toronto over the past two years
Fairbnb, a group that comprises 15 separate organizations, is concerned that Airbnb and other short term rental companies are eating up too much of the housing market, taking much-needed homes from those in need, in favour of tourist accommodations.
According to their report, the number of properties listed as short term rentals has doubled in only a couple years, as more and more people dedicate their properties to the lucrative home-sharing economy.
"Returning even a fraction of these homes to the city's housing market would make a difference to thousands of families seeking permanent homes in Toronto," reads the report.
The implementation of new rules on short term rentals has been delayed in Toronto, but officials are hopeful they will eventually help curb the problem.
Under the new policies, owners of short term rental spaces would have to register them with the city and there would be an 180-day limit on how often they could be rented out. And, perhaps most crucial, owners would be prevented from listing multiple properties—a common practice.
A new tribunal is scheduled to discuss these policies in August of this year.
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