Items
Creator is exactly
Vanmala Subramaniam
-
2020-06-16How the Airbnb ban led to lower rental prices in Canada's major cities
Many of Canada's largest cities have been experiencing what have been dubbed housing crises in the past few years; rental and purchasing prices have shot through the roof while availability shrinks, pushing out many poor or even middle class residents. This article explores how the drop in demand and government restrictions for AirBnBs (short term online rentals), as a result of the pandemic has impacted the market. To ensure they are still receiving income from their properties many who were renting their units for short term stays are instead turning to leasing them out traditionally, causing an influx in housing availability and driving the prices down with the increased supply. While this is not the best for those looking to turn a profit off their real estate it is an unexpected benefit of the pandemic for many average citizens.