By: Tim Syrianos
TREB has submitted formal remarks to municipal councilors regarding the issue of regulation of short-term rental accommodations.
TREB supports innovation in the economy and believes that, with fair and just regulatory control, TREB’s home economy can deliver valuable economic benefits; however, it is important to ensure that new practices do not have unintended negative effects on public policy priorities, and that regulation and taxation are applied in a fair and equitable manner.
The submission of TREB to Toronto City Councilors supports the principle of sharing economy, but it raised several concerns that, in its opinion, should be considered by the city council. In particular, TREB shares concerns raised by municipalities and others about the impact of the home sharing economy on the supply of affordable rental housing and possible other unintended consequences such as the impact on surrounding property owners and / or tenants. 19659003] The supply of affordable housing in Toronto and the GTA is one of the most important problems facing our region. Municipal decision-makers should consider this priority when assessing the possible regulation of short-term rental homes. The city’s proposal to restrict short-term rental homes to a primary residence is an interesting approach that deserves attention.
TREB also noted that in the spirit of fair and equitable taxation and regulation, the municipal council should consider how best to maintain a level playing field between the home sharing economy and other options.
There are many things to consider with regard to the sharing economy and the rental market in the short term, not the least of which is fair taxation to ensure that all short stay providers are treated fairly.
Updates on this subject will be offered on TREBhome.com or the social media of TREB.