In mid-October, the province of BC brought forth new legislation to regulate short-term rentals throughout the province, with some exceptions. One of the highlights is that the province will increase maximum fines from $1,000 a day to $3,000 a day, to maximum of $50,000.
But the most dramatic change is that municipalities of over 10,000 people will be limited to having short-term rentals in a single space in a primary residence. This means professional/commercial Airbnbs with off-site owners will be eliminated in most parts of the province starting in May 2024. There’s an exemption for BC’s 14 resort municipalities.
Sechelt is one of the municipalities that’s affected. But due to Gibsons’ smaller population, this new legislation doesn’t apply in that town. However, during the October 17 Committee of the Whole Meeting for the Town of Gibsons, Councillor David Croal asked town staff to review the legislation, indicating that perhaps Gibsons would consider voluntarily adopting the province's new rules in the future.
What can STR owners do?
Renting these properties long-term may not be an option if the higher revenue generated by short-term guests is needed to service a mortgage. If long-term rents can't cover monthly costs, owners may need to consider selling their investment.
If these owners rush to sell prior to May 2024, the Sunshine Coast could see a surge of additional housing hit our local market. While scarcity increases value, surplus supply has a softening effect. Because of this, off-site STR owners (and Sunshine Coast sellers in general) would be best served to take action sooner rather than later.
Call Tony with questions about STRs
If you have questions about how this new legislation will impact the Sunshine Coast, or you’re just curious about the market in general, call Tony to chat with no strings attached.
☎️ 604-418-2695
Hear/Watch/Read the full November market update here:
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📺 Watch the complete November episode on YouTube.
📰 Read the full transcript on my website: https://www.teamtrueblue.ca/blog/75170/bc-bans-professional-short-term-rentals
New Langdale development being considered
A new Langdale property development is in the early stages. Proposed by local residents, the initial concept is for there to be 10-20 homes, each on a quarter acre lot. A second phase of the development could see an increase in density but there are no specifics yet.
The COVID boom brought a number of younger families to Langdale, increasing the population of school-aged children. Langdale Elementary is now on its way back to the numbers where it needs to be. As such, development in that neighbourhood would benefit Langdale in general.
Changes to how short-term rentals operate are well and good but any solution to our housing crisis has to include building more supply. If Sunshine Coasters aren't provided new inventory that's community appropriate, well priced, and has suitable density for the tax base, the current shortage can’t be addressed. Legislative chages aren’t enough. New housing supply needs to be built for that to happen.
Assess each proposed project on their merit. The Sunshine Coast needs responsible development to address the current shortage. Without additional supply, the housing needs of the community won’t be met.
FOR SALE: 301 Shoal Lookout, Gibsons, BC - $1,828,000
In a quiet cul-de-sac on top of Gibsons’ prestigious Bluff, this stunning log home provides an unmatched ambiance and picturesque ocean views. The property also boasts a large 2-storey detached guest house, previously licensed for short term rental. There are gorgeous hardwood floors, a large wood burning fireplace, multiple decks and even a private backyard pub. Enjoy picturesque ocean vistas from all levels including the garden and listen to the waves lapping on the beach below.
FULL LISTING: https://t.ly/301ShoalLookout
A serene location makes this home one of the most desirable living spaces on BC's BEAUTIFUL Sunshine Coast. Call Tony today to request your info pack: 604-418-2695
FOR SALE: 302 Shoal Lookout, Gibsons, BC - $1,348,000
Build your dream home on this panoramic, oceanfront lot in Gibsons on BC's beautiful Sunshine Coast.
302 Shoal Lookout is a 0.36 acre, build-ready lot situated on Gibsons’ prestigious Bluff. Located in a quite cul-de-sac, this property provides spectacular 180º views, which include Shoal Channel, the North Shore Mountains, and neighbouring islands. The lot has had over $150,000 of site improvements, including house plans and geotechnical reports. There’s also the potential to build your own private steps that would lead down to the ocean.
FULL LISTING: https://t.ly/302ShoalLookout
This is a rare offering in Gibsons most exclusive neighbourhood. Call Tony today and request your info pack. 604-418-2695
FOR SALE: Lot 17 Skyline Drive, Gibsons, BC - $699,000
This is your chance to own oceanfront property in Gibsons! This beachfront property provides each ocean access and spectacular panoramic views. You’re walking distance to Gibsons Marina, the government dock, and the popular Gibsons Public Market. The Langdale ferry terminal is an eight-minute drive by car, which makes this an excellent location if you make regular trips into Vancouver.
FULL LISTING: https://t.ly/Lot17SkylineDrive
This residential lot is waiting for you to build your long-imagined waterfront dream home. Call Tony today to request your info pack: 604-418-2695
Call Tony today!
If you’re not already working with a Realtor, call me when you’re ready to buy or sell and I’ll guide you through the competitive real estate market on BC’s BEAUTIFUL Sunshine Coast.
Tony Browton - TeamTrueBlue.ca
Personal Real Estate Corporation
RE/MAX City Realty (Gibsons)
Mobile: 604-418-2695
Email: Click here to email Tony
⚠️ DISCLAIMER: This newsletter and its contents are not intended to cause or induce breach of any existing agency agreement.