With over two million visitors a year coming to stay in our region, there are plenty of opportunities for property owners to realize some rental income if they wish. For years, it has been common for condo and chalet owners in particular to rent out their vacation properties on a seasonal basis if they are not using it themselves.
In recent years though, more and more people have been renting out their properties for short term accommodation. One week at Christmas can yield a rent that is equivalent to a month or more! Residents have been complaining though about the increase in “party palaces” and the associated noise, garbage, traffic and various other concerns that short term rental accommodation sometimes spawns.
In February, the Town of the Blue Mountains passed an Interim Control By-law prohibiting short term rental accommodations in all residential areas as the matter is studied further. Short term is defined as 30 days or less and, the by-law exempts properties such as hotels, motels and bed and breakfasts.
I’ve heard several people say that they think that this is as a result of certain commercial entities protecting their turf while others, such as the local ratepayers group, are expressing the views of residents especially those living in the area closest to the mountain.
If you are thinking of purchasing a property anywhere in the area, don’t assume you can rent it out on your own terms. In addition to local by-laws, almost every condominium corporation also regulates rental rules. There are properties zoned to permit short term rentals in the area and it’s critical for buyers to know which properties meet their goals and which ones don’t.
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