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.
- 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.
(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.
(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.
(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.
(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: