Landlords & Condos vs. Airbnb
Thursday Mar 23rd, 2017
The evolution of technology has positively changed the way businesses operate as well as how we live our daily life - but it can also operate as a double-edged sword.
From an owner's perspective, Airbnb can be great. Short-term rentals can be profitable each time you host but what happens when you find out your tenant is listing your condo unit without your permission? In major metropolitan cities like Toronto, it is becoming increasingly common.
Each condo corporation varies in their rules, by-laws and regulations but generally, a unit/dwelling is deemed 'single family residential' and prohibits any commercial use (hotel-like operations included). In addition, short-term rentals are typically required to be 3-6 months minimum.
According to a recent ruling in Ottawa, owners of a condo were found to be in violation of their condo board's 'single family use' provision after listing their unit on multiple websites including Airbnb.
What are your thoughts? Leave your comments below.