INCREASING AFFORDABILITY OF RENTING A HOME: One of the reasons why rental unit supply is so low and therefore more expensive is because many rental units are used for short-term rentals such as Airbnb's and others. To release the supply of rental units for Canadians who are seeking long-term rentals, the federal government will deny income tax deductions for expenses incurred to earn short-term rental income and when short-term rental operators are not compliant with the applicable provincial or municipal licensing.
The federal government is also working with provinces and municipalities to introduce stricter regulations on short-terms rentals and enforcement support.
Recently, at the Standing Committee on Finance, I asked Department of Finance Officials what the federal government is doing to increase the supply of long-term rentals and increase the affordability of long-term rentals for Canadians.
