DOES AIRBNB’S CONTRIBUTION TO TORONTO’S HOUSING SUPPLY PROBLEM

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• AIRBNB’S CONTRIBUTION TO TORONTO’S HOUSING SUPPLY PROBLEM, 
• increase crime, 
• parking problems, 
• noise complaints and
•  destroys safe and quiet enjoyment of many residential communities.
• Toronto is suffering from an acute housing crisis crisis vacancy rate of 1.1 %

The short-term rental market is divvied into two categories, the principle residence that occasionally rent their space for extra income, and the second category is the full time, short term renters who basically operate ghost hotels. These are essentially multi million dollar companies the lease or buy condo and or homes and turns them into full time short term accommodations.9and are in the thousands )

 About Forty-two per cent of Toronto’s Airbnb’s 19,255 Toronto listings would not meet the proposed Toronto by law regulations for short-term rentals, In Toronto this represents about 8,200 non compliant listings of which 6500 units are entire homes and these number continue to growing exponentially.

Toronto has the lowest vacancy rate of many large cities and is currently at 1.1 per cent.

If we in act the proposed bylaw we would increase the rental stock by approximately   5,000 rental units, which would increase our vacancy rate to a healthy vacancy rate of 3 per cent.

Provincial guidelines are to add housing, not hotels – to key areas.

The Toronto regulations approved more than a year ago would allow short-term rentals in a host’s principal residence. Hosts would be allowed to rent up to three private bedrooms, or their entire home for up to 180 days a year.

      How ever this bylaw has been appealed by airbnb to the OMB and this issue will be heard again on Monday August 26 at the LPAT offices the hearing will commence at 10 a.m. on Monday, August 26, 2019 for five days at: Local Planning Appeal Tribunal 16^th Floor, 655 Bay St. Toronto, Ontario

listen live Saturday morning on CFRB 1010 am at 8;45 am as we discus this issue live on air.