Canada's NEW Airbnb BAN is a Joke! - (New Laws & Fines)

In this video, we speak about Canada's new laws and regulations on short-term rental housing (Airbnb)... Enjoy! 🏘 My Real Estate Investing Course (ON SALE!): www.udemy.com/course/creating...
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Video Chapters:
0:00 - Intro
2:48 - $50M Program
4:53 - Housing Shortages
7:18 - Impact on Airbnb Owners
10:09 - Exemptions
#canada #airbnb #airbnbban
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[@GriffinMilks]

What are your thoughts on the new laws and regulations around Airbnb in Canada? Leave a comment below! 🏘 My Real Estate Investing Course (ON SALE!): www.udemy.com/course/creating-wealth-with-real-estate-investing/?referralCode=22FE3C232997364F732A 📈 🇺🇸 🇨🇦 Get up to $1,550 in FREE Cash with Moomoo (Stock Broker): j.moomoo.com/00Cwm8 -Griffin

[@XInfinity2024]

As a renter I am glad they are cracking down on short term rentals. I have seen long term rental prices drop in the area since this has been getting enforced. There are 2 more things they can do to make housing more affordable... 1 - Pass a low that doesn't allow companies to buy up low income housing to develop it into office or more expensive housing units 2 - Build housing that operates on a you only pay x percent of your income as rent with a cap before you are forced to move somewhere else once your rent is on part with non rent percentage cap.

[@GriffinMilks]

I think it really depends on the region. In my area there aren't any airbnbs really but the simple lack of supply has majorly impacted rent prices. Unless subsidized housing to begin with, "low income housing" is quite subjective relative to buying for remodeling. Thanks for watching!

[@andrewmercier7991]

Hmm let's blame immigrants and not look at how landlords are holding units off market and scooping up real estate at inflated prices to BRRR them and further centralize supply. Griffin. Come on.

[@GriffinMilks]

Based on the data that's been made available and that I've researched, the main issues are: 1. Way too much immigration in a short period of time. 2. Long approvals for permitting to build 3. Lack of labour, with very few immigrants entering that field of work. Additionally, most "investors" you're referring to don't own townhomes, freeholds, etc. They hold multi-unit properties that were built to rent to begin with and have always served as rentals. The reality is that without builders and landlords, there actually wouldn't even be housing supply for new migrants at all!

[@andrewmercier7991]

@@GriffinMilks government housing, built by government, run by government, like the Vienna model. Please look it up if you aren't familiar. Housing that is for profit and the primary method of wealth accumulation in Canada is why we are where we are. Everyone needs housing, not one person NEEDS a rent seeking landlord.

[@YoItsRev]

Immigration is the problem. You must vote Trudeau

[@andrewmercier7991]

@@YoItsRev nah. Trudeau is a weak awful leader. He bows down to his corporate masters. But nice try.

[@GlassJack]

In my experience, as a carpenter, in a rural ski town in BC, permitting is not the issue, it's labor shortages. I'm well aware of how backed up everything is in a city like Vancouver, but, my company is currently working with clients for builds that will be starting in 2027. We could be building 5x as many homes as we are right now, but there is a huge labor shortage that limits us to only 1 new build and a few smaller projects/renovations per year. Currently, enrollment in the trades is up 18%, but that's far from the estimated 25% that are planning to retire in the next decade. Perhaps it's also worth mentioning that I'm a home owner with a basement suite that I only rent to long term tenants. Sure, I could make more money if I went with the short term route, but, I realize there is an issue with housing supply and that I can help alleviate some pressure by renting to a local who fills an important role in the community. Tourists can stay in hotels.

[@GriffinMilks]

Thanks for sharing your perspective on the issue Jack! Indeed, massive lack of labour, but unfortunately this is not a field that immigrants want to work in... (backed by data)

[@GlassJack]

@GriffinMilks you're joking, right? Construction crews in cities are filled with young immigrants. The people who are not interested were born right here in this country because we were all told if we didn't go to university and drop money on a useless degree that we wouldn't amount to anything.

[@bigtrashenergy1844]

Rentals of any kind aren’t the problem. It’s the pointless expenses to buy land and build. We have more land and lumber per capita then anywhere else in the world

[@tidusfantasy]

there will never have enough housing in vancouver and toronto, foreigners keep coming in to scoop up housing in these 2 cities. Look at all the major anglophone cities of the world, all have sky high housing. Because demand will always be there. Say vancouver, if housing becomes affordable, it will soon attract ppl to come to buy housing here, rendering it unaffordable again. Who wants to live in saskatoon or edmonton if vancouver is affordable?

[@CatherineMellon]

BC has restrictions on foreign ownership. Has for a.few years.

[@Dermisc]

Labour isn't exactly a surplus either, right? So, even if we can get additional permits issued, we'd still be bottlenecked by a lack of material and labour to actually deliver those projects. The question then is whether to open up our market to foreign engineering and construction firms. And before you know it, you'll run into the political shitstorm of allowing the most capable and affordable firms to compete, because China. On top of that, there's also the hurdle of environmental assessments, because it only makes sense to source concrete and lumber locally. It's only a matter of time before you come face to face with the question of "how dare you"! Admit it, we are fucked.

[@GriffinMilks]

Tough situation all around that we're face with for sure. That being said, I could have built 3 times more projects with the contractors I employ if permits were issued faster.

[@taylorgarrett191]

This is INSANE! As someone who has been using my basement suite to host guests and help supplement my young family's income, I cannot believe this. Here we go again Canada - attempting to ruin any chance we have at creating financial freedom and create a better life for our children. This is absolutely awful and I agree with everything you said, Griffin.

[@GlassJack]

There's nothing stopping you from renting to long term tenants.

[@HepCatJack]

@@GlassJack long term tenants are difficult to evict if they don't pay and during the legal proceedings they can destroy the rented space. Unless the govt. is willing to cover the rent of the people they're shielding from eviction and pay for the damages incurred when they destroy the place, it's not an interesting proposition which is why people preferred renting short time.

[@GlassJack]

​@@HepCatJack I own a home and have a basement suite that I rent out to long term tenants. I do proper screenings and choose people based on character and profession to rent to. I've had wonderful experiences with tenants because I ask for a reasonable amount of rent that people can actually afford. It's a chicken and egg scenario. What came first, the greedy landlord or shitty tenant? The only thing in this world driving inflation is greed.

[@GriffinMilks]

Thanks for watching Taylor! I agree that Canada further penalizes hard work and trying to get ahead. Seems like every week there's a new bill coming out to "tax the wealthy", even though it only ends up hurting small business owners that are trying to make ends meat!

[@taylorgarrett191]

@@GlassJack greed? I came from a family with next to nothing. I am doing whatever I can to provide a better life for my kids. Air BnB has allowed me to strategically outperform other listings in the market by providing amazing amenities & things that hotels simply do not have. I have hosted countless health care professionals, families visiting loved ones in the hospital, immigrants from Ukraine, mobile teachers, and many others who have nothing but POSITIVE things to say about Air BnB and the experience in my home. Give your head a shake. It's not always about greed. The world needs solutions like Air BnB.

[@Generation.Q.E]

In Canada, it’s illegal to make money. You must be a wage slave to a 9-5 job, that’s it!! 😂

[@cuybueno]

Trudeau is preparing Canada by making it weaker so the Globalists can take over easily.

[@GriffinMilks]

Definitely becoming this way more and more for sure.

[@TT-fq7pl]

I make loads of money, as do many Canadians. In fact, the more I make, the greater the opportunities for making even more without doing a damn thing for it. The system serves wealthy and privileged people like me. No question about it.

[@cuybueno]

It's not Canada; it's the impoverishing leftist government of JT.

[@CatherineMellon]

Hilarious. A weird lie but sardonically hilarious. I've never had a 9.to 5 and do just fine. I also don't make money at the expense of my neighbours.

[@Z.November]

Its also boomers taking everything.

[@christinee8353]

Air bnb owners pay more taxes by virtue of the higher income earned through air bnb.

[@christinee8353]

I've been a landlord and the solution is not to penalize those terrible "rich" landlords but help them to make being a landlord profitable. Instead we are seen as being responsible to make the lives of tenants easier. We are not all big corporate landlords. Our high rents charged are a result of what we paid for our properties and interest and other expenses. The rights of the tenants superceed that of landlords. Cash flow is an issue and quite honestly I would have been better off to invest my money in the stock market.

[@GriffinMilks]

I agree with you! All a PR stunt to get the masses to vote in favour but actually ends up hurting hard working Canadians rather than "the rich", as always quoted.

[@griffinmilksenfrancais]

😮😮

[@GriffinMilks]

:)