Many people who own secondary properties in vacation country like to rent them out from time to time to cover overhead costs associated with owning such a property. That may get a little more difficult soon.
The Town of the Blue Mountains has been discussing the issue of short term rentals for some time now and earlier this year, they enacted an interim control by-law to allow some time for the study of this matter.
This week, a staff report came out with recommendations governing the licensing of short term accommodations and, from what I read, it will be VERY tricky to get approvals in most residential zones if this is approved. I’m not saying that I disagree with the direction. If you own a home in a residential area, you want your investment to be protected from commercial uses that may impact your enjoyment. That’s certainly a fair thing to expect.
If you are considering the purchase of a recreational property with the intention of renting it out, you need to read the staff report and the Interim Control By-Law. Longer term rentals shouldn’t be a problem so owners may need to rethink their ownership investment strategies.
When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’s ready whenever you are!