B.C.'s new legislation on short-term rentals will triple the fines for hosts who break the rules, and bring in a number of new requirements for operators in an attempt to return units to the long-term market.
The first part of the new legislation will see a significant increase in fines for illegal operators. The penalty will jump from $1,000 per infraction, per day, to $3,000. In addition, regional districts – which currently do not have the authority to license or regulate businesses – will be allowed to license and regulate short-term rentals.
By May of 2024, the province will bring in a principal residence requirement for short-term rentals, meaning people can only rent out the home in which they live for the majority of the year. Renting out one secondary suite within a principal residence will also be allowed.
By the end of 2024, a provincial registry will be up and running. Short-term rental operators will be required to register and non-compliant listings will be removed from platforms. This registration requirement will be complemented by a provincial compliance and enforcement team.
Seems like it could work well