❗️UPDATE❗️
The Province of British Columbia has finally provided some clarity on how the new Short-Term Rental Accommodations Act, coming into effect May 1, 2024, will be applied to strata title motels/hotels like those located along Resort Drive in Parksville.
In an update on March 27, 2024: The Province has indicated that a strata title motel/hotel will be exempt if one of the two options applies:
1) Before Dec. 8, 2023, accommodation was being provided in a manner similar to a hotel or motel and on Dec. 8, 2023, the strata hotel or motel had and continues to have all of the following, which are provided in a manner similar to a hotel or motel:
-a staffed front desk on site;
-one or more employees or contractors that provide housekeeping services for overnight accommodations; and
-a platform providing platform services available exclusively for the use of owners offering short-term rentals at the property.
2) Before Dec. 8, 2023, accommodation was being provided in a manner similar to a hotel or motel, and more than one strata lot on the property is not able to be used as a principal residence by anyone due to a restriction under:
-zoning;
-a rental management agreement between the manager and an owner of a strata lot; or
-a restrictive covenant or a covenant under section 219 of the Land Title Act.
These exemptions, specifically option 2, are a big win for the City of Parksville, the businesses located along Resort Drive and for the property owners in the area. This area contributes approximately 43% of all tourism dollars spent in our area.
Check out my original BC Short-term Rental Accommodations Act vs the City of Parksville video here: https://www.chrisbarron.ca/blog/81357/february-2024-mid-vancouver-island-market-update-and-the-boc-holds-the-rate