Listing Your Condo on Airbnb? Consider These Issues First

Condo owners have been quick to adapt to the Airbnb trend. With the price of condos on a steady increase, investing in and then renting out a unit as a short-term rental to cover mortgage payments is an attractive proposition. But, a condo unit used as anAirbnb does present a few problems for the investor-owner.

Some local councils have tightened regulations for short-term rentals that only allow you to rent out the property if it is your primary residence. Other restrictions include imposing taxation, certification and limits on how frequently you can rent out the space. Short-term rentals are further regulated within the frame-work of the condo rules, individual condo boards have guidelines or even outright bans for owners and tenants in their buildings.

“Airbnb short-term rentals face a higher level of scrutiny by lenders than typical one-year lease agreement renters,” says Laura Martin, director of Private Lending Hub. “The asset could become damaged, given the revolving door of short-term tenants. One quiet professional that rents for 10 days could be followed by a rock band that trashes the place the next weekend. When you
have so many people going in and out, it’s going to make lenders nervous,” she adds.

It’s easier to obtain a mortgage if you actually live in the condo, but if you’re buying one as a short-term rental investment, you may have to turn to commercial lenders, where financing is more expensive. Kim Gibbons, a Mortgage Intelligence broker, says that only a few A lenders – such as banks and credit unions – in Toronto are willing to provide funds for Airbnbs. The only way some lenders will take a short-term rental is if you can provide a two-
year average of short-term rental income.

“Lenders like the security of a person living in a home because it’s the best possible security,” explains Butler, an independent mortgage broker. “Lenders are confident that if someone is living in the home full time, then there is a really good chance that they’ll want to keep a roof over their heads, and that means they’ll make their mortgage payments. It’s why ‘owner-occupied’ is often part of the mortgage contract.”

6098 Second Line, Erin, Ontario



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6098 Second Line

Price: $824,900.00
MLS# X4654720
Bathrooms: 3
Bedrooms: 4
Square Footage: 2000-2500
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This Is The Country Home You Have Been Dreaming About! A 2138 Sf, 4 Br With A Huge Garage And Workshop Is Perfectly Set Up To Either Entertain A Crowd Or Spend A Cozy Night In Front Of The Fireplace. Luxurious Master With A Spa Like Ensuite. New Carpeting (Nov19), Many Updates. Built In 1994, This Home Is 25 Minutes To Acton, Orangeville & Guelph. Erin Is Private Without Being Isolated, Making This The Perfect Place To Relax At End Of The Day.







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2000 Creekside Dr, Hamilton, Ontario



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2000 Creekside Dr

Price: $829,000.00
MLS# X4652404
Bathrooms: 3
Bedrooms: 2
Square Footage: 1600-1799
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Penthouse Living With Unobstructed Panoramic Views Of Escarpment And Historic Downtown Dundas. Rare Opportunity To Acquire This Luxurious Creekside Penthouse. Watch Sunsets As You Sip On A Glass Of Chardonnay From One Of Only A Handful Of Residences With A Private Outdoor Terrace. Relax And Entertain In Style! Features: 2 Bedrooms, Separate Office/Den Behind French Doors And 3 Bathrooms. Walk To Grocery Stores, Cafes, Restaurants And Boutiques On King St.







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10193 Old Church Rd, Caledon, Ontario



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10193 Old Church Rd

Price: $1,850,000.00
MLS# W4649344
Bathrooms: 4
Bedrooms: 5
Square Footage: 2500-3000
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Peace, Privacy & Proximity! You Can Have It All! This 25 Acre Parcel Has Often Been Described As Magical! Upon Entering The Grounds, The Winding Drive Takes You Through 10 Acres Of Mature & Meticulously Maintained Hardwood Forest! Lovely Landscaping! Spring Fed Pond! The Southern 15 Acres Of Pastoral, Windswept Fields Will Melt Away Life’s Stresses! Enjoy The Existing 5 Bd/4 Bth, 4000 Sq.Ft., Immaculate Mid-Century Home Or Build New! Endless Possibilities!







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9 Wildberry Cres, Brampton, Ontario



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9 Wildberry Cres

Price: $799,000.00
MLS# W4648487
Bathrooms: 3
Bedrooms: 3
Square Footage:
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Don’t Miss Your Opportunity To Own This Outstanding All Brick Detached Property! This Immaculate Home Offers 3 Bright & Spacious Bedrooms, Master W/ Walk-In Closet & Ensuite Bathroom. Garage And Private Driveway Allow For A Total Of 5 Parking Spaces. Ideal Main Floor Layout With Separate Family Room W/ Gas Fireplace, Hardwood Floors And Walk Out To Fully Fenced Yard! Beautiful Updated Eat-In Kitchen W/ Granite Counters & Built-In Dishwasher.







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