Airbnb set to grow despite regulatory examination

Airbnb Inc. is making more hits in Canada even though new law have been set to take a closer look at ways to bring short-term rentals under control. Canadian agents and landlords are many the best out of Airbnb and its services are gaining momentum. According to reports from Airbnb, there over 15,000 listings in Toronto in 2016 this is a 60% increase from 2015 which was at 9,460 in the city.

Airbnb’s head of public policy, Chris Lehane explained that Canadian markets have more potential to growth in comparison to other international markets. He went on adding; short-rentals would not only apply to well recognize regions or cities but will also cut across other areas that are not so popular. Home prices are a major challenge for residents with the average prices for homes in Canada’s leading market, Toronto and Vancouver way over C$1 million. The housing affordability crisis has left out many potential out of the market most especially first-time buyers.

Taking measures to cool down home prices, the British Columbia government introduced a 15% tax on foreign buyers coupled with tight mortgage rules. However, the government is trying to come up with regulations to put under control Airbnb activities in Toronto and Vancouver and also other home-sharing investments. For Airbnb, their main aim is to help Canadian workers employed in Toronto. Airbnb reports shows that guests in 2016 in Toronto spent C$417 million and if the company is to be closed, the city will lose approximately 600 full-time jobs.

Airbnb aids in creating affordable housing for residents and with more people working in Toronto, the need for affordable housing is very essential.