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Friday, July 8th, 2022

New survey shows Canadians turning part of their homes into Airbnb units to cover their mortgage

Canadians facing ever increasing house prices — and debt — are turning to short-term rentals to make ends meet, according to a new survey.

AltusGroup, which provides real estate research, said its FIRM survey from the summer of 2016 found four per cent of all households had used a short-term rental accommodation service in the past year. The number rises to seven per cent for those with a mortgage.

“There has been a lot of speculation lately about potential investor involvement in short-term accommodation rental services like Airbnb,” said Altus in its release. “But focusing on households rather investors, how extensive is the practice of short-term rentals of space in principal residences?”

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Altus noted impact is even greater among millennials, those under 35 years of age, living in Canada’s four largest cities — Toronto, Vancouver, Calgary and Montreal. In large cities, 15 per cent of all millennials said they used a short-term accommodation service to rent out part of their homes. Millennials in those cities, who also had a mortgage, rented out space short-term 22 per cent of the time.

Even renters seems to taking advantage of the demand for short-term accommodation. In large cities, 12 per cent of renters 35 and under reported they had used a short-term accommodation rental service to rent out part of their home.
Among the general population, four per cent of all renters across the country had sublet part of their home.

Financial Post

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