(Toronto) A Desjardins study suggests that short-term rentals have likely contributed to the housing affordability crisis in Canada and around the world.
According to the financial institution’s report, the proliferation of short-term rentals on platforms such as Airbnb and Vrbo has had a significant effect on housing affordability and availability by reducing the number of units available for rentals. long-term and resale markets.
The report, which cites data from analytics firm AirDNA, shows that Canada has more than 235,800 unique active short-term rental listings on Airbnb and Vrbo, the two largest accommodation platforms, representing approximately 1.4% of the country’s housing stock.
Real estate investors “can achieve much higher income” with short-term rentals than with long-term rentals, says Desjardins.
Municipalities in Canada and abroad have implemented various policies to combat short-term rentals in hopes of increasing the supply of housing as affordability continues to erode.
The study suggests governments partially restrict commercial rentals of non-primary residences, apply sanctions for non-compliance with the rules and hold short-term rental platforms accountable.
