In a city full of condos, you may be surprised to know that there are only a handful of AirBnB friendly condos in Toronto that allow short-term rentals. Albeit, there are many condo owners and renters that choose to ignore the short-term rental policy their condo building may have in place, but that’s a conversation for another day.
QUICK RECAP OF TORONTO SHORT TERM RENTAL REGULATIONS
Short-term rental platforms like Airbnb and Vrbo have grown in popularity over the last decade and popular cities like Toronto are trying to go with the flow and put some regulations in place for the city as a whole. Even if your building is AirBnB friendly condo in Toronto you’ll still have to abide by these overarching city rules.
As of November 2019, Toronto has now officially implemented short-term regulations as follows:• A short-term rental is considered anything fewer than 28 days. • Eligible short-term rental properties must be owned by the host and it must be their principal residence. • Hosts can rent up to three rooms or their entire home. • Secondary suites, such as in-law or basement units, are eligible for short-term rental as long as they are the host’s principal residence. • Hosts can only rent their property for a maximum of 180 days of the year. • Hosts would have to pay an annual $50 fee and register with the city. • Hosts will have to pay a 4% Municipal Accommodation Tax (MAT) on rentals fewer than 28 days. • Short-term agencies, like Airbnb, pay a one-time licence fee of $5,000 and $1 per night that’s booked
LIST OF AIRBNB FRIENDLY TORONTO CONDOS THAT ALLOW SHORT-TERM RENTALS
The biggest concentration of short-term rentals Toronto has are all within the same area: The Entertainment District. These condo buildings allow condo owners to use their principal residences as short-term rentals and their buildings allow AirBnB because this is a high-traffic tourist area with countless attractions in and around this part of the city.
Below is the list of condos that allow short-term rentals and are AirBnB friendly.