Thinking of Starting An Airbnb In Toronto? Let's Chat!😃 📲Call or Text: 647-867-1763 ✉Email: Fadynakhla@royallepage.ca 📆Schedule A Call: calendly.com/fadynakhla
Hey Fady, thanks for the informative video. Can you please let me know if rental arbitrage is allowed in Toronto if the landlord and the building approves.
Hi Emilia! Many of the buildings downtown Toronto now require that you be the owner to airbnb. There’s still a few that allow tenants to do it but getting landlord permission along with the higher rental rates make rental arbitrage not as worthwhile here in Toronto
@@meowmeem That is correct ! It's only 180 days per year which actually ends up being about 7-8 months depending on how many days you end up booking per month (It's very unlikely you'll fill up all 30/31 days of every month). So it takes about 7 months to use up all 180 days and even then it ends up being double if not more than what you receive via long term rent.
As far as I’m aware there are no free options. You can go on the Airbnb website and search your area and see what similar units are currently going for. If you do that make sure you pick listings with lots of reviews and lots of booked/blocked out dates. For pricelabs I believe it’s $10 just to research a specific area so it’s not too bad. Hope that helps!
Wait you said a landlord can rent for airbnb for 6 months or 180 days. But as you mentioned if they started in May they can rent for bnb OCt. But how did they did it in November. I know you mentioned about December being a 1 month rent. 😅
Hey John! That’s a great question. So you get 180 days per year that you’re allowed to STR but you won’t use 30/31 days per month realistically. I mean if you do that’s great but it’s most likely not going to happen. So let’s say you book like 25 nights every month on average, that’ll leave 5 nights open every month which means that you’ll ultimately end up needing 7 months if you want to use up your entire 180 nights. That’s why if you start in May you’ll probably go into November, November being that 7th month. Feel free to reach out to me directly if you have any other questions 🙂
I have now been waiting for a response from the city for 7 weeks now. Applied early September when we went on vacation. Any tips? Also do they inspect your place?
Hey Anthony, I’ve been hearing that the approval process is taking longer than usual (1-2 months). You’re obviously closer to the 2 month mark now. You can try emailing them at ShortTermRentals@toronto.ca In terms of inspection, I believe it’s a randomized inspection. Some listings get it and some don’t. I’m assuming the Short term rentals in homes/basement where things like a fire exit or separate dwelling units are not always as clear receive more inspections before approvals. Good luck!
Great video! Keep up the great work bro. Can you please send me the listing of the condo allowing Airbnb in Toronto? I'm looking forward to starting my own Airbnb. Cheers!!
I think Airbnb is just a blip on the radar when it comes to the rental crisis even though it tends to be the scapegoat in many of these conversations. Right before COVID in 2020 and before short term rental regulations there were around 15,000 airbnb's in Toronto. Now there are around 1500 active full unit Airbnbs (I'm not counting rooms, or units that have been inactive on Airbnb in the past 3-6 months). That is 10% of the units than there have been in the past, yet here we are and the rental crisis is probably worse than it has ever been. Now obviously there are other factors (rising rates that are being passed down to tenants, short housing supply, etc etc.) but just for some perspective there are currently 1866 units listed for lease in Toronto. There have been 16456 units that have been leased in 2023 so far. So my short answer is no. I don't think the relatively small supply of units that is being used for Airbnb in the handful of buildings that do allow it is having any major impact on the rental crisis here in Toronto. I think the bigger problem now is the average income in Toronto is around $38,000 per year while the average rent for even a 1 bedroom unit is around $2500/month or $30,000 per year and that doesn't even include things like utilities, parking, or internet.
Of course you don’t think you’re contributing to the problem. None of the housing hoarders do. Yet here you are, giving advice to others on how to hoard homes for profit, which is especially funny considering you just painted a picture of how few there supposedly are and how little money they supposedly make. Why would you encourage others to get into it if it’s as bad as you just said? It’s almost as if you copy and paste a blatant lie in response to any criticism that you actually do contribute to the housing crisis. Rent long term or admit that your motivation is greed, because you obviously have no interest in supplying housing. Airbnb needs to be regulated into oblivion, with no less than five figure fines to violators. If the only way housing investors will serve the human good is by force, so be it. No one deserves eviction, insane rents, or homelessness just so you can make a buck.
Hey ! No no, the $72,562.89 is what's coming directly from Airbnb into their bank account. They'd then have to minus their mortgage/expenses for their net
Thanks for your video. I was thinking my wife and I both register for Airbnb for the same unit, can she Airbnb it for the 180 days and I do for the 180 days?
So this is the rule taken directly out of the city of Toronto website: - If you are living in the same home with other individuals (for example, as two tenants), then each one of you may register the same home as your short-term rental, as long as the home is your principal residence. - As short-term rental operators, each one of you is responsible for ensuring that your entire home is rented to a maximum of 180 nights per year. - If your entire home is rented out for more than 180 nights per year, then each operator at your home may be charged with an offence under the bylaw. So you and your wife CAN each register on Airbnb for the 1 address BUT the entire property is still limited to 180 days per year. So for your purposes, it wouldn't make any sense to do this.
very good video! is this 180 days regulation just in Downtown Toronto? wha about if I want to do in Etobicoke or Vaughan ? is it mandatory to get licensed as a host? thanks
Hey Enzo, yes the 180 days rule is for downtown Toronto. Every city has it's own regulations and rules. If you do a quick google search for the city you're interested in and write "[CITY] short term bylaws" you'll find more info on your city. In terms of getting licensed here in Toronto, yes you do need to get a license from the city before you start any kind of short term rental.
Hey Paul, ICE condos is obviously one of the big buildings known for Airbnb. I personally don’t love those buildings. They’ll still rent out nightly yes because I think the location is great but Airbnb made a deal directly with the building so there’s actually an extra 15% surcharge that is added to any listings from that building. It’s taken directly out of your payouts but you therefore will have yo reduce your nightly rate to remain competitive with surrounding buildings. That being said the units there tend to be a little cheaper as well, so that’s the real trade off. In terms of bypassing the 180 day rule by listing a room and not the full unit, definitely against the rules if you’re still renting out the whole unit but listing a room but I wouldn’t risk having your license revoked over it. Will people still book it ? No idea. There’s also a city meeting end of October to review the short term rental rules and I believe one of the items they will discuss is putting a 180 day max whether you do full unit or individual room.
Cottage Airbnb's/short term rentals also do very well. I feel like it may be a little bit more management but it'll pay off. You can definitely charge a premium for being that close to the water or waterfront. I'm not too familiar with the short-term rental bylaws in Innisfil but that's something I'd definitely look into first to make sure it's a viable plan.
Some buildings allow only the owner to operate a short term rental EVEN if you as a tenant have the permission of your Landlord. You can ask management directly if you're in one of those buildings. If not, then you can list on Airbnb as a tenant.
Hi Kevin! There are 18,921 listings at first glace on Inside Airbnb, and that includes Scarborough, Etobicoke and North York. When you filter the date however and check off only entire homes/apartments that number goes down to 12,420. When you then check off only Short-Term rentals (less than 28 day minimum because anything more than 28 days is Long-term) that number goes down to 3,745. When you then check off only recent and frequently booked (booked in last 3 months), that number goes down to 1,610. The number of homes/units currently registered as short-term rentals in Toronto (I'm talking the core, C01 and C08), so anything south of Bloor, is about 3800. Of that 3800, as per InsiderAirbnb, only 1,610 are actually active.
Hi ! It depends where your home is located, every city has it's own rules and regulations. If you're in Toronto then you can only Airbnb your principal residence
No these rules do not apply to Quinte West. As far as I know you do not need to register for STR nor do you have a 180 day limit. There is a 4% Municipal Accommodation Tax but that’s about it.
If you are airbnbing a property that is not your principal residence, i.e. the place that you actually live (not just what it says on your bills / IDs), the place where you wake up in the morning at least half the time, you are exploiting a loophole in the law...which of course is encouraged by airbnb b/c they are raking in profits for your misdeeds. The law is what it is for a good reason: ghost hotels are terrible for the housing market (see Toronto housing market) and in many cases are highly disruptive to adjacent units, properties, and even neighbourhoods. You may get away with it for some time, but your gains are ill-gotten and you will pay for your greed. you will either get busted, or the slow wheels of karma will grind you into dust.
The greed is from the government who takes 31% of development cost for new construction projects. If they would bring that 0% , and stop delaying new projects, there would be much more supply and we would not be in a housing crisis. And yes, no one likes your anti-capitalist comment.
@Fadynakhlarealestate hi thanks for the all useful information u provided, Can I ask you for the list of Airbnb friendly buildings? I’m ready to buy now
Hi ! Glad you found the video useful! You can reach out to me using my email at fadynakhla@royallepage.ca or text me at 647-867-1763 and I’ll send that list over along with any other information you may need. Thanks !
Hi U can't rent more than 6 months I toronto.unit has to be primary house. If u agree the above then according to cra wen u sell that unit even though it's primary unit..u need to pay cap gain on sale price Right?
Thinking of Starting An Airbnb In Toronto? Let's Chat!😃
📲Call or Text: 647-867-1763
✉Email: Fadynakhla@royallepage.ca
📆Schedule A Call: calendly.com/fadynakhla
Good stuff bro very informative
thanks alot for this video. im planning to buy a freehold house here in new brunswick and turn it into an airbnb
Hi Fady, thank you so much for the great video sharing. Can I have the list of condo that allows short term rental please.
Hello! Ya sure I can share the list of condos, just email me at fadynakhla@royallepage.ca and I’ll send it
Hi Fady,
Can you please share the list of buildings in Toronto downtown which allows to do Airbnb. Thank you
Hi ! Ya sure, just email me at Fadynakhla@royallepage.ca and I’ll send that list right over to you
Are the rules for Airbnb in Ottawa the same as in Toronto?
Hey Fady, thanks for the informative video. Can you please let me know if rental arbitrage is allowed in Toronto if the landlord and the building approves.
Also. Due to the primary residence being the restriction, you can only rent out one property?
Hi Emilia! Many of the buildings downtown Toronto now require that you be the owner to airbnb. There’s still a few that allow tenants to do it but getting landlord permission along with the higher rental rates make rental arbitrage not as worthwhile here in Toronto
@@Fadynakhlarealestate Thanks so much! Also, it seems we can only do STR for half the year.
@@meowmeem That is correct ! It's only 180 days per year which actually ends up being about 7-8 months depending on how many days you end up booking per month (It's very unlikely you'll fill up all 30/31 days of every month). So it takes about 7 months to use up all 180 days and even then it ends up being double if not more than what you receive via long term rent.
Hello thanks for the video... i want to start mine in Thorold... please can you be of help?
Hi! Email me at fadynakhla@royallepage.ca and we can have a chat ! Thanks
Hi, please share the list of buildings
Email me at Fadynakhla@royallepage.ca and I'll send it right over. Thanks !
For getting a idea what you will be making Pricelabs and beyond websites are not free. Do you know any free resource websites or apps? Thanks
As far as I’m aware there are no free options. You can go on the Airbnb website and search your area and see what similar units are currently going for. If you do that make sure you pick listings with lots of reviews and lots of booked/blocked out dates.
For pricelabs I believe it’s $10 just to research a specific area so it’s not too bad.
Hope that helps!
thanks pal!@@Fadynakhlarealestate
Wait you said a landlord can rent for airbnb for 6 months or 180 days. But as you mentioned if they started in May they can rent for bnb OCt. But how did they did it in November. I know you mentioned about December being a 1 month rent. 😅
Hey John! That’s a great question. So you get 180 days per year that you’re allowed to STR but you won’t use 30/31 days per month realistically. I mean if you do that’s great but it’s most likely not going to happen. So let’s say you book like 25 nights every month on average, that’ll leave 5 nights open every month which means that you’ll ultimately end up needing 7 months if you want to use up your entire 180 nights. That’s why if you start in May you’ll probably go into November, November being that 7th month. Feel free to reach out to me directly if you have any other questions 🙂
I have now been waiting for a response from the city for 7 weeks now. Applied early September when we went on vacation. Any tips?
Also do they inspect your place?
Hey Anthony, I’ve been hearing that the approval process is taking longer than usual (1-2 months). You’re obviously closer to the 2 month mark now. You can try emailing them at ShortTermRentals@toronto.ca
In terms of inspection, I believe it’s a randomized inspection. Some listings get it and some don’t. I’m assuming the Short term rentals in homes/basement where things like a fire exit or separate dwelling units are not always as clear receive more inspections before approvals.
Good luck!
Thank you very much for the video Fady! Very informative! Could you please share the list of the buildings that allow short-term rentals?
Hi Oleksandra! Sure I can definetely share the list with you, just email me at fadynakhla@royallepage.ca and I'll send it right over.
Great video! Keep up the great work bro. Can you please send me the listing of the condo allowing Airbnb in Toronto? I'm looking forward to starting my own Airbnb. Cheers!!
Hey Charles ! Thank you ! Just email me at fadynakhla@royallepage.ca and I’ll email you the list. Thanks !
Toronto has huge rental crisis. Won't starting airbnb impact rental crisis even further?
I think Airbnb is just a blip on the radar when it comes to the rental crisis even though it tends to be the scapegoat in many of these conversations.
Right before COVID in 2020 and before short term rental regulations there were around 15,000 airbnb's in Toronto. Now there are around 1500 active full unit Airbnbs (I'm not counting rooms, or units that have been inactive on Airbnb in the past 3-6 months). That is 10% of the units than there have been in the past, yet here we are and the rental crisis is probably worse than it has ever been.
Now obviously there are other factors (rising rates that are being passed down to tenants, short housing supply, etc etc.) but just for some perspective there are currently 1866 units listed for lease in Toronto. There have been 16456 units that have been leased in 2023 so far.
So my short answer is no. I don't think the relatively small supply of units that is being used for Airbnb in the handful of buildings that do allow it is having any major impact on the rental crisis here in Toronto. I think the bigger problem now is the average income in Toronto is around $38,000 per year while the average rent for even a 1 bedroom unit is around $2500/month or $30,000 per year and that doesn't even include things like utilities, parking, or internet.
yes it will. greedy people don't think about how their actions impact the system. that's what makes them greedy.
Of course you don’t think you’re contributing to the problem. None of the housing hoarders do. Yet here you are, giving advice to others on how to hoard homes for profit, which is especially funny considering you just painted a picture of how few there supposedly are and how little money they supposedly make. Why would you encourage others to get into it if it’s as bad as you just said? It’s almost as if you copy and paste a blatant lie in response to any criticism that you actually do contribute to the housing crisis.
Rent long term or admit that your motivation is greed, because you obviously have no interest in supplying housing.
Airbnb needs to be regulated into oblivion, with no less than five figure fines to violators. If the only way housing investors will serve the human good is by force, so be it. No one deserves eviction, insane rents, or homelessness just so you can make a buck.
Hey man did your client net $72 562.89 or that was just the revenue?
Hey ! No no, the $72,562.89 is what's coming directly from Airbnb into their bank account. They'd then have to minus their mortgage/expenses for their net
Thanks for your video. I was thinking my wife and I both register for Airbnb for the same unit, can she Airbnb it for the 180 days and I do for the 180 days?
So this is the rule taken directly out of the city of Toronto website:
- If you are living in the same home with other individuals (for example, as two tenants), then each one of you may register the same home as your short-term rental, as long as the home is your principal residence.
- As short-term rental operators, each one of you is responsible for ensuring that your entire home is rented to a maximum of 180 nights per year.
- If your entire home is rented out for more than 180 nights per year, then each operator at your home may be charged with an offence under the bylaw.
So you and your wife CAN each register on Airbnb for the 1 address BUT the entire property is still limited to 180 days per year. So for your purposes, it wouldn't make any sense to do this.
very good video! is this 180 days regulation just in Downtown Toronto? wha about if I want to do in Etobicoke or Vaughan ? is it mandatory to get licensed as a host? thanks
Hey Enzo, yes the 180 days rule is for downtown Toronto. Every city has it's own regulations and rules. If you do a quick google search for the city you're interested in and write "[CITY] short term bylaws" you'll find more info on your city. In terms of getting licensed here in Toronto, yes you do need to get a license from the city before you start any kind of short term rental.
@@Fadynakhlarealestate I got it! Thank you so much
It’s all of Toronto - not just “downtown “ toronto ..
Hi Fady, could you recommend a reliable cleaning company in downtown Toronto?
Hi ! Sure, email me at fadynakhla@royallepage.ca and I'll send you the contact information of a few reliable cleaning companies
Ice condos good for this? Will people book airbnb if it’s not under “full unit” to bypass the 180 day rule?
Hey Paul, ICE condos is obviously one of the big buildings known for Airbnb. I personally don’t love those buildings. They’ll still rent out nightly yes because I think the location is great but Airbnb made a deal directly with the building so there’s actually an extra 15% surcharge that is added to any listings from that building. It’s taken directly out of your payouts but you therefore will have yo reduce your nightly rate to remain competitive with surrounding buildings. That being said the units there tend to be a little cheaper as well, so that’s the real trade off.
In terms of bypassing the 180 day rule by listing a room and not the full unit, definitely against the rules if you’re still renting out the whole unit but listing a room but I wouldn’t risk having your license revoked over it. Will people still book it ? No idea. There’s also a city meeting end of October to review the short term rental rules and I believe one of the items they will discuss is putting a 180 day max whether you do full unit or individual room.
@@Fadynakhlarealestate thanks for reply! Which condos do you recommend? Do all buildings have airbnb price control?
No worries ! Happy to help! Email me at fadynakhla@royallepage.ca and we can chat a little bit more regarding your questions.
Thanks Fady. And may I know how to find out whether Airbnb has an extra surcharge with some specific buildings?@@Fadynakhlarealestate
@@tonyjacky2007 There's no online forum to see this information. You'd have to ask building management directly.
How do you feel about. Cottage Airbnb in Innisfil . 2mins from the water?
Cottage Airbnb's/short term rentals also do very well. I feel like it may be a little bit more management but it'll pay off. You can definitely charge a premium for being that close to the water or waterfront. I'm not too familiar with the short-term rental bylaws in Innisfil but that's something I'd definitely look into first to make sure it's a viable plan.
Can I run Airbnb with my rental apartment (with Landlord permission)?
Some buildings allow only the owner to operate a short term rental EVEN if you as a tenant have the permission of your Landlord. You can ask management directly if you're in one of those buildings. If not, then you can list on Airbnb as a tenant.
list pls
Email me at fadynakhla@royallepage.ca and I’ll send it right over 🙂
can i start with one room only
Yes you can, if you Airbnb just a room in your primary residence then you can do it all year, you’re not limited to 180 per year
Thanks for the video.. how can I get the list of properties in Toronto that allow Airbnb?
Hi! Just email me at fadynakhla@royallepage.ca and I’ll email you the list. Thanks !
Done
Test
Listed on INSIDE AIRBnB there are 18,921 listings in Toronto mostly located downtown of these 12,400 are homes or apt/condos the rest are rooms.
Hi Kevin! There are 18,921 listings at first glace on Inside Airbnb, and that includes Scarborough, Etobicoke and North York.
When you filter the date however and check off only entire homes/apartments that number goes down to 12,420.
When you then check off only Short-Term rentals (less than 28 day minimum because anything more than 28 days is Long-term) that number goes down to 3,745.
When you then check off only recent and frequently booked (booked in last 3 months), that number goes down to 1,610.
The number of homes/units currently registered as short-term rentals in Toronto (I'm talking the core, C01 and C08), so anything south of Bloor, is about 3800. Of that 3800, as per InsiderAirbnb, only 1,610 are actually active.
Can I get your contact information please regarding starting a Airbnb
Hi Nibal, my contact info is all in the description of the video or you can email me at fadynakhla@royallepage.ca and we can have a chat. Thanks !
Thank you for all the info. I couldn’t find the excel sheet. I’ll require a list of buildings if you have crafted
Glad you enjoyed it ! You can email me at Fadynakhla@royallepage.ca and I'll email you that list. Thanks !
Hi, thanks a lot for the information, I have 2 houses but my principal house I live with my family, but can I have for the second house airbnb?
Hi ! It depends where your home is located, every city has it's own rules and regulations. If you're in Toronto then you can only Airbnb your principal residence
Do the same rules apply if the unit is in Quinte West? i was trying to look online but wasnt able to find much
No these rules do not apply to Quinte West. As far as I know you do not need to register for STR nor do you have a 180 day limit. There is a 4% Municipal Accommodation Tax but that’s about it.
This is very interesting thank you
Can I please have a list of all condos that allow short term rentals? Thanks
Email me at Fadynakhla@royallepage.ca and I’ll send it over. Thanks!
Great video.
Can I AirBNB for 6 months and then rent out to a standard tenant for the remainder of 6 months?
Wow this is so interesting
If you are airbnbing a property that is not your principal residence, i.e. the place that you actually live (not just what it says on your bills / IDs), the place where you wake up in the morning at least half the time, you are exploiting a loophole in the law...which of course is encouraged by airbnb b/c they are raking in profits for your misdeeds. The law is what it is for a good reason: ghost hotels are terrible for the housing market (see Toronto housing market) and in many cases are highly disruptive to adjacent units, properties, and even neighbourhoods. You may get away with it for some time, but your gains are ill-gotten and you will pay for your greed. you will either get busted, or the slow wheels of karma will grind you into dust.
what? nobody likes my comment?
The greed is from the government who takes 31% of development cost for new construction projects. If they would bring that 0% , and stop delaying new projects, there would be much more supply and we would not be in a housing crisis. And yes, no one likes your anti-capitalist comment.
@Fadynakhlarealestate hi thanks for the all useful information u provided, Can I ask you for the list of Airbnb friendly buildings? I’m ready to buy now
Hi ! Glad you found the video useful! You can reach out to me using my email at fadynakhla@royallepage.ca or text me at 647-867-1763 and I’ll send that list over along with any other information you may need. Thanks !
Hi
U can't rent more than 6 months I toronto.unit has to be primary house.
If u agree the above then according to cra wen u sell that unit even though it's primary unit..u need to pay cap gain on sale price
Right?