Multi-unit Airbnb hosts earn $32M in Vancouver area: Report
Vancouver's proposed rules would ban hosts from listing multiple units.
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Airbnb hosts in Greater Vancouver that list multiple homes have raked in more than $32 million in total, according to a report commissioned by the Hotel Association of Canada.
The report also found 82 per cent of Airbnb revenue in the region was generated by entire-home rentals, as opposed to the rentals of rooms. Also, more than 80 per cent of total revenues came from 40 per cent of units listed on Airbnb. Those units were rented out for more than 90 days in the past 12 months, according to the report.
The findings come at a time when the City of Vancouver is drafting new rules for Airbnb-like platforms in an attempt to increase rental housing stock.
Under the new proposed rules, Vancouverites will only be allowed to list their primary residence on Airbnb, preventing people from renting out multiple units on the platform.
The new regulations also require Airbnb hosts to pay $49 per year for a business licence.
But the city and provincial government could collect a lot more money if they required Airbnb hosts to pay hotel taxes, according to the report commissioned by the hotel industry.
If Airbnb hosts were required to apply hotel fees and taxes, it would generate about $15.5 million, according to the report. Hotels in Greater Vancouver are subjected to GST, PST, and a municipal regional district tax that ranges from two to three per cent.
The report also found that hotels generate more jobs – for every 185 full-time jobs in the hotel industry, there is one full-time job in the Airbnb industry.
Council referred the issue of Airbnb regulations to a public hearing this fall. If approved by council, the city’s new rules could come into effect as early as April 2018.