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Toronto votes to regulate and restrict short-term rentals

Toronto votes to regulate and restrict short-term rentals
From Reuters - December 7, 2017

(Reuters) - The Toronto city council on Thursday approved regulations governing short-term rentals, requiring operators to register with the city and restricting the types of properties that homeowners can rent as it grapples with a growing affordability crisis.

Under the new rules, homeowners will only be allowed to rent their principal residence on homesharing sites like Airbnb and Expedia Incs Homeaway, which the city hopes will lead to more units being available for long-term rentals.

That could include listing up to three bedrooms within their principal residence, or their entire home when on vacation, for up to a total of 180 days per year.

Homeowners will be banned from listing income properties, and will not be allowed to rent out secondary suites such asself-contained dwellings within a house or on the same grounds, though long-term tenants of those suites would be able to rent their units.

The measures come as Toronto, along with major cities around the world, grapples with the effect of home sharing on tight housing supplies and an expensive rental market. Similar rules were passed in Vancouver last month.

Airbnb said it viewed Toronto regulating short-term rentals as a win and noted that most of its hosts were sharing their principal residence, not renting entire unoccupied units.

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