REALTOR® in West Kelowna on Short-Term Rental Regulations

Last year, the province of British Columbia announced that it would be unrolling new legislation to curb short-term rental (STR) activity. The first of these new regulations is set to go into effect in a few months. If you’re wondering how these new rules will impact your investment, you’re in the right place. As a trusted REALTOR® in West Kelowna, I will be going over some of the basics of B.C.’s new STR regulations. Follow along below to learn more!

What to Know About New Province-Wide STR Legislation?

B.C.’s new short-term rental accommodations act is being put into effect in an effort to mitigate the provincial housing crisis. Many residents of the province have found it challenging to find a suitable home. This is due to a shortage of affordable properties and long-term rental options. In response to this, the provincial government has taken action against STR accommodations to help create more housing opportunities for permanent residents.

It’s important to note that the act will not apply to reserve lands, Nisga’a Lands or the Treaty Lands of a Treaty First Nation, hotels, motels, a vehicle, tents, or temporary shelters. 

May 1, 2024, will mark the start of new STR accommodation rules. One of these new rules will require rental hosts to display a business license number on their listing. However, this will only be in areas where a business license is mandatory by the local government. Another requirement to be implemented on May 1st is the need for all STRs to only operate out of the host’s principal residence. While this regulation will not apply to all British Columbian cities, it will be enforced in Kelowna and West Kelowna. At this time, there will also be changes to legal non-conforming use protections.  

As the year progresses, other obligations such as data sharing and a provincial registry launch will occur. 

Those who choose to disobey the STR accommodation act could be subject to large fines. In 2023, the maximum fine that regional districts can set for prosecutions of bylaw offences under the Offence Act went up from $2,000 to $50,000.

Contact Your REALTOR® in West Kelowna Today!

If you are an investor in real estate in West Kelowna, understanding new STR rules is important. For more information about this new legislation and how it will impact homes in the area, contact me today! I’d be happy to help you sell or buy property in this desirable area of the Okanagan. Be sure to check out my blog next month for more real estate tips and information. I look forward to working with you in the near future!