For most Greater Vancouver owners the short-term rental question is now largely settled by law, not by spreadsheet. Across BC, short-term rentals in larger communities are restricted to the host’s principal residence plus one secondary suite or accessory dwelling on the same property. If you do not live at the property, a conventional tenancy is generally the route.
What the principal residence requirement means
The requirement applies in communities with populations over 10,000 and in places that neighbour them or have opted in — which covers Vancouver, Burnaby, Richmond, the North Shore, the Tri-Cities and New Westminster. In those areas you may generally short-term rent only the home you actually live in, plus one additional unit on the same property.Hosts also need to be registered provincially, and municipal business licence rules apply on top. A condo investment property you have never lived in does not fit the model.
The economics, once the rules are accounted for
Where short-term letting is genuinely available to you, the comparison is not nightly rate versus monthly rent. It is:
- Occupancy, not headline rate. A high nightly rate at 55% occupancy is a very different business to a tenancy at 100%.
- Turnover cost. Cleaning, linen, restocking and coordination on every stay.
- Furnishing and replacement. Higher wear, faster replacement cycles.
- Your time, or a management fee that is typically much higher than long-term management.
- Regulatory risk. Rules have tightened repeatedly. A model that depends on them not tightening further is fragile.
What long-term letting gives you instead
Predictable income, far lower turnover cost, and — importantly in this region — a clean answer to the vacancy taxes. A genuine long-term tenancy is the ordinary exemption from both the provincial Speculation and Vacancy Tax and, in Vancouver, the Empty Homes Tax at 3% of assessed value. Short stays generally do not satisfy those exemptions in the way owners assume.
Frequently asked questions
Can I short-term rent a condo I own but do not live in?
In most of Greater Vancouver, no. The principal residence requirement limits short-term rentals to the home you live in, plus one unit on the same property.
Does a short-term rental count for the vacancy tax exemptions?
Generally not in the way owners expect. Those exemptions contemplate a qualifying long-term tenancy, and you need records to evidence it.
What about my strata?
Strata corporations can no longer prohibit long-term rentals, but short-term rental restrictions remain enforceable — so bylaws may rule it out even where the law would allow it.
Is furnished long-term letting a middle ground?
Often yes. It captures relocation demand at a premium while remaining a normal tenancy under the Residential Tenancy Act.
Work out what your property should do
We can compare realistic long-term and furnished rents for your specific unit, with expected days to lease.
Talk to us about your property, or browse
our neighbourhood guides.General information, not legal or tax advice. Confirm current rules with the Province, your municipality and a qualified adviser.
