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Geyser
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Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river

Bombshell for some Airbnb users

Tue Jun 06, 2017 3:28 pm

Anybody renting out a condo suite which they don't live in is looking for serious tax trouble if the rental period is less than 30 days.  Bye bye Airbnb. 

And a false declaration will cost up to $10K per day of the falsely claimed period. 
That's not a typo, "up to $10K per day!!!

http://vancouver.ca/home-property-devel ... lties.aspx
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 4:37 pm

There are plenty of places to rent out your property in Vancouver and thats not necessarily Air BnB, KJJ, and Craigslist.
 
jimtan
Real Estate Talker
Posts: 5427
Joined: Tue Jul 31, 2007 10:59 pm

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 4:49 pm

Geyser wrote:
Anybody renting out a condo suite which they don't live in is looking for serious tax trouble if the rental period is less than 30 days.  Bye bye Airbnb. 

And a false declaration will cost up to $10K per day of the falsely claimed period. 
That's not a typo, "up to $10K per day!!!

http://vancouver.ca/home-property-devel ... lties.aspx

Saints alive :!:
Audits toooooo.....
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 4:52 pm

The residential tenancy act doesn't require you to use any electronic or physical media, or even cash.
 
VanLord
Real Estate Talker
Posts: 288
Joined: Fri Aug 24, 2007 3:52 pm

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 4:54 pm

Geyser wrote:
Anybody renting out a condo suite which they don't live in is looking for serious tax trouble if the rental period is less than 30 days.  Bye bye Airbnb. 

And a false declaration will cost up to $10K per day of the falsely claimed period. 
That's not a typo, "up to $10K per day!!!

http://vancouver.ca/home-property-devel ... lties.aspx

I'll give the city credit for trying to make this work.  
Although you can just rent it to your friend on a long term tenancy agreement and then have them rent it out on Airbnb...
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 5:00 pm

There's no regulation that says you have to be close to the market rate for rent
 
jimtan
Real Estate Talker
Posts: 5427
Joined: Tue Jul 31, 2007 10:59 pm

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 5:17 pm

VanLord wrote:
Geyser wrote:
Anybody renting out a condo suite which they don't live in is looking for serious tax trouble if the rental period is less than 30 days.  Bye bye Airbnb. 

And a false declaration will cost up to $10K per day of the falsely claimed period. 
That's not a typo, "up to $10K per day!!!

http://vancouver.ca/home-property-devel ... lties.aspx

I'll give the city credit for trying to make this work.  
Although you can just rent it to your friend on a long term tenancy agreement and then have them rent it out on Airbnb...

There are restrictions on AirBnB itself. The authorities could also review the status of the apartment if there are AirBnB violations. I certainly hope that the city goes 101% on enforcement.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 5:38 pm

There are plenty of alternatives to airbnb
 
VanLord
Real Estate Talker
Posts: 288
Joined: Fri Aug 24, 2007 3:52 pm

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 7:12 pm

jimtan wrote:
VanLord wrote:
Geyser wrote:
Anybody renting out a condo suite which they don't live in is looking for serious tax trouble if the rental period is less than 30 days.  Bye bye Airbnb. 

And a false declaration will cost up to $10K per day of the falsely claimed period. 
That's not a typo, "up to $10K per day!!!

http://vancouver.ca/home-property-devel ... lties.aspx

I'll give the city credit for trying to make this work.  
Although you can just rent it to your friend on a long term tenancy agreement and then have them rent it out on Airbnb...

There are restrictions on AirBnB itself. The authorities could also review the status of the apartment if there are AirBnB violations. I certainly hope that the city goes 101% on enforcement.

Airbnb and empty homes tax are two different things.  If I rent my condo to someone else, who in turn rents on Airbnb while they travel or whatever...not much the city can do, except hunt down those listings and go after them for Airbnb violations, which would be a lot of work for little return.  Also some Airbnb owners may elect to pay empty homes tax and continue renting the unit out if it nets enough income.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 7:21 pm

the airbnb fuss is a soluition without a problem

work on making yourself better instead of drooling over someone else's stuff.
 
yzfr1
Real Estate Talker
Posts: 264
Joined: Tue Mar 19, 2013 8:35 pm

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 7:40 pm

Why don't they put all of this effort into taxing basement suites. In east van you could throw darts at a map and locate a illigal suite. The tax revenue would be through the roof.

We could afford to build a bike lane to whistler
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 7:44 pm

airbnb is just an easy target for those with envy - worrying about things that dont concern them
 
jimtan
Real Estate Talker
Posts: 5427
Joined: Tue Jul 31, 2007 10:59 pm

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 7:53 pm

yzfr1 wrote:
Why don't they put all of this effort into taxing basement suites. In east van you could throw darts at a map and locate a illigal suite. The tax revenue would be through the roof.

We could afford to build a bike lane to whistler

Ahhhh.
So you ride a bike while I drive a Mercedes. Sounds about right.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Bombshell for some Airbnb users

Tue Jun 06, 2017 8:04 pm

Airbnb helps fill rooms and people generate money with it
 
jimtan
Real Estate Talker
Posts: 5427
Joined: Tue Jul 31, 2007 10:59 pm

Re: Bombshell for some Airbnb users

Wed Jun 07, 2017 7:54 am

yzfr1 wrote:
Why don't they put all of this effort into taxing basement suites. In east van you could throw darts at a map and locate a illigal suite. The tax revenue would be through the roof.


You may claim to be a paper millionaire. But, you sound like a loser.  :!:

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