It is no secret that short-term rentals are here to stay. Hotels are not the first place one would go when booking a vacation rental. Many travellers are now preferring to stay at unique short-term rentals while homeowners are able to earn a lucrative income by renting out all or a portion of their home for a short-term stay.
Now, whether municipalities tolerate the unregulated industry is another story. There are many municipalities within the Greater Victoria Area that have passed unique bylaws to regulate this market.
Victoria
- Regulations allow up to two bedrooms in a shared home to be rented short-term. This means that the home must be your primary residence.
- There are several condo buildings in Victoria that allow short-term accommodation rentals or the traditional “airbnb” style. These buildings are all located within the downtown core and close to the Parliament building that is so popular with tourists.
Colwood
(15-minute drive to downtown Victoria)
- There are no regulations regarding short-term accommodation rentals, however the city is conducting public consultations regarding the matter. This means that there may be regulations in the future that could potentially affect your investment.
Langford
(20-minute drive to downtown Victoria)
- Allowed. The city and mayor have specifically stated that Airbnbs and short-term accommodations are part of life
- It’s close to all the big box stores and is surrounded by lots of lakes and recreational activities.
Metchosin
(25-minute drive to downtown Victoria)
- Allowed with a business license (annual fee of $35 and security deposit of $500 upon application)
- This area is very scenic and has a rural feel. It is where people have stables with horses and farm animals against the backdrop of the ocean.
Sooke
(40-minute drive to downtown Victoria)
- Allowed in agricultural, rural, and some residential areas
- This is quite removed from downtown Victoria and is only accessible by one highway. However, East Sooke has many luxury homes. There may be a market in this area for romantic getaways and accommodations for recreational fishermen.
I hope this gives you an idea of the short-term accommodation rental market in Victoria. I would be happy to give you a tour around different neighbourhoods. Want to learn more or to invest in a short-term accommodation property? Let’s connect:
Sophia Song | REALTOR® | sophia@victoriamodernhomes.ca | +1 250 900 3156
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