Ontario Lifts Short Term Rental Restrictions
When Ontario's Covid-19 emergency restrictions were put into place, Short Term Rentals (AirBnB, VRBO, BnB's, etc.) were ordered closed on April 4th, 2020, except for anyone needing emergency accommodations. As of today, June 5th, 2020, the ban is lifted and these properties can resume their operations.
“On behalf of Ontario’s Airbnb community of hosts, we want to thank the Government of Ontario for their leadership in these difficult times,” said Alex Dagg of Airbnb. “The government has taken a thoughtful approach to protecting public health while laying a foundation upon which economic recovery can be successful. Airbnb will continue to support Frontline workers as we also look toward tourism returning."
There has been a lot of evidence that the shutdown of these types of properties has led to a reduction in rental rates across Toronto, as owners were forced to find long-term tenants given the uncertainty ahead and looming mortgage payments. It will be interesting to see if this two-month long shut down has a lasting impact on short term rentals, or if things will return to "normal" as quickly as they closed. The rent relief may have been short lived!