There are fewer Airbnb and VRBO listings in Victoria today than there were 6 months ago, as a result of stricter regulations enforced by City of Victoria bylaws.
After the first six months of enforcing their new short-term rental regulations, the city has reported that there are 1,268 active listings as of May 2019, compared to 1,440 listings in December 2018 which is when the regulation began.
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Operators complying with the new laws have obtained business licenses. People are eligible to obtain these licenses if they’re renting out a principal residence or if they own a unit where short-term accommodation was a permitted use, or a “grandfathered” property.
“Currently 675 short-term rentals are licensed in the City of Victoria, compared to 528 licensed short-term rentals in 2018,” reads a statement from the City.
These measures were introduced in order to increase housing options and affordability in the municipality.
The rental vacancy rate has seen a slight increase from 0.8% in 2017 to 1.1% in 2018, as a result of the construction of new rental buildings, with 1,269 new rental units built between 2014 and 2018.