Cranbrook, BC (October 31, 2023) – British Columbia’s newly announced short-term rental legislation would change how short-term rentals function and operate within the City of Cranbrook.
On October 16, 2023, the B.C. Government announced the Short-Term Rentals Accommodation Act which requires communities over 10,000 people to abide by a new principal residence requirement, wherein short-term rentals such as Airbnb, VRBO, Expedia, FlipKey, and others are limited to the host’s primary residence plus one secondary suite or accessory dwelling unit. The City of Cranbrook is included.
The Province notes that if a municipality has a vacancy rate above 3%, those municipalities may request exemption from the principal residence requirement. As per the most recent CMHC (Canada Mortgage and Housing Corporation) data, the City of Cranbrook has a 0.9% vacancy rate. Thus, the City would not have the option to opt out of the new Short-Term Rentals Accommodation Act legislation.
The City has no regulations or restrictions on short-term rentals in bylaw, policy, or procedure.
The Short-Term Rentals Accommodation Act is currently at First Reading in the B.C. Legislature. If the Act is given Royal Assent, some immediate measures would come into effect that would not directly impact Cranbrook. However, the principal residence requirement would be effective May 1, 2024. The Act’s mandatory inclusion in a provincial registry would also become effective in 2024.
For full information on the Short-Term Rentals Accommodation Act please read the B.C. Government’s recent press release, technical briefing, and visit their information webpage:
• B.C. Government Press Release: https://news.gov.bc.ca/releases/2023HOUS0060-001598
• B.C. Government Briefing: https://news.gov.bc.ca/files/ShortTermRental_Technical_Briefing.pdf
• B.C. Government Webpage: https://www2.gov.bc.ca/gov/content/housing-tenancy/short-term-rentals#act