Fast! It’s really good and informative video. Can you send me list of Airbnb allowed buildings in Toronto. From me - like and subscription. Keep going 😊
Hi Mikhail! Thank you, appreciate the kind words ! I can definitely send you that list but I'll need your email. You can email me at fadynakhla@royallepage.ca and I'll send it right over
Hey Paul, as far as I'm aware yes people do follow the maximum. Airbnb is linked directly to the city bylaws now so will actually have a nightly counter right next to your listing and once you reach 180/180 nights, you'll no longer be able to book anymore nights for the year
Confused about the intention of this video. He is marketing these condos as an investment property, not to live in. Newsflash, you can't rent out the condo on Airbnb for 180 days a year UNLESS you live there (it is your principal residence). If you buy it to AirBNB it and don't move in, you risk substantial fines by the City of Toronto and the CRA is now going to deny you the tax deductibility of your expenses such as maintenance fees and mortgage interest.
Hi Rick, thanks for the feedback ! I apologize about the confusion. Yes I mention investment property because even the home you live in as a primary residence can be considered an "investment" as it does appreciate in value over time. I've had many clients who purchase the home they live in as an investment as it is a stepping stone for them to reach the home they ultimately want to live in, in the future. I've also had clients who can only afford to purchase a home if they can rent out the home or a portion of the home short term some of the year, while they stay with family or friends, otherwise they cannot afford the mortgage. So this would allow a first time home buyer the means to get into the market. So there's obviously many different scenarios here where this strategy may help. Obviously if you are a seasoned investor who owns 5,10, 20 units, this does not apply to you. I've compared it to long term rental just to show how big the gap is in potential income and just to show that it is very worthwhile if you do qualify to do it. The city will only approve your short term rental lisence if they approve that this is your principal residence. Otherwise you cannot do short term rental and I do not advise doing it without the city approval. In terms of the new city regulations that the federal government have suggested (not yet in effect), where you cannot deduct expenses on a STR, I think you may have misunderstood. All legal short term rentals will still be allowed to deduct expenses as per usual. The only ones that cannot will be the ones functioning illegally, meaning they are doing so without a short term rental license and like I mentioned, if you do not obtain the license, I do not advise doing this.
Love that third unit and the roof top pool!
Fast! It’s really good and informative video. Can you send me list of Airbnb allowed buildings in Toronto. From me - like and subscription. Keep going 😊
Hi Mikhail! Thank you, appreciate the kind words ! I can definitely send you that list but I'll need your email. You can email me at fadynakhla@royallepage.ca and I'll send it right over
do people actually follow the maximum short term rental per unit? is anyone enforcing it?
Hey Paul, as far as I'm aware yes people do follow the maximum. Airbnb is linked directly to the city bylaws now so will actually have a nightly counter right next to your listing and once you reach 180/180 nights, you'll no longer be able to book anymore nights for the year
Confused about the intention of this video. He is marketing these condos as an investment property, not to live in. Newsflash, you can't rent out the condo on Airbnb for 180 days a year UNLESS you live there (it is your principal residence). If you buy it to AirBNB it and don't move in, you risk substantial fines by the City of Toronto and the CRA is now going to deny you the tax deductibility of your expenses such as maintenance fees and mortgage interest.
Hi Rick, thanks for the feedback !
I apologize about the confusion. Yes I mention investment property because even the home you live in as a primary residence can be considered an "investment" as it does appreciate in value over time. I've had many clients who purchase the home they live in as an investment as it is a stepping stone for them to reach the home they ultimately want to live in, in the future. I've also had clients who can only afford to purchase a home if they can rent out the home or a portion of the home short term some of the year, while they stay with family or friends, otherwise they cannot afford the mortgage. So this would allow a first time home buyer the means to get into the market. So there's obviously many different scenarios here where this strategy may help. Obviously if you are a seasoned investor who owns 5,10, 20 units, this does not apply to you. I've compared it to long term rental just to show how big the gap is in potential income and just to show that it is very worthwhile if you do qualify to do it.
The city will only approve your short term rental lisence if they approve that this is your principal residence. Otherwise you cannot do short term rental and I do not advise doing it without the city approval.
In terms of the new city regulations that the federal government have suggested (not yet in effect), where you cannot deduct expenses on a STR, I think you may have misunderstood. All legal short term rentals will still be allowed to deduct expenses as per usual. The only ones that cannot will be the ones functioning illegally, meaning they are doing so without a short term rental license and like I mentioned, if you do not obtain the license, I do not advise doing this.
Pure marketing