Recently, several Canadian cities, as part of new federal and provincial regulations, have implemented restrictions on short-term rentals. These new rules have left many investment property owners scrambling to continue to generate an income stream from their homes and tax implications and licensing changes now equal lower return on investment for most.
Many cities now strictly regulate the number of days a property can be rented or if, due to zoning or bylaws, if a property can even be rented for a period of fewer than 60 days. For many, these restrictions are retroactive, meaning that properties that could previously be offered as short term rentals, no longer have that option.
Vancouver, Victoria, and Qubec City have implemented regulations requiring short-term rental operators to obtain a business license and adhere to specific zoning and land use bylaws.
Toronto has restrictions on short-term rentals, including the requirement for hosts to register with the city and adhere to certain rules and regulations.
Montreal has implemented regulations on short-term rentals, including a limit on the number of days a property can be rented for short-term stays.
Kelowna has removed secondary use short-term rental accommodation as a permitted use from all zones in the City's Zoning Bylaw and secondary use short-term rental business licences are no longer being accepted.
With excellent direct flight options available from major Canadian cities, including all of the cities listed above, Puerto Vallarta is already a favorite destination for Canadians looking for a break from chilly winters. But now, for those wanting to buy an investment property, Vallarta is looking better than ever, with rental-friendly municipal legislation and short-term rental properties in high demand with visitors.
If you would like to learn more about the guidelines regarding owning a rental property in Puerto Vallarta and advice about what types of properties perform best on the short term rental market in Mexico, contact one of our agents today.
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