The COVID-19 pandemic is pushing Toronto condo owners to list fewer properties as short-term rentals using services like Airbnb.
What’s more, experts believe this trend might outlast the coronavirus crisis, as stricter city regulations have property owners preferring to rent them for longer terms.
In two downtown complexes near the waterfront, the ICE Condominiums on York Street and Maple Leaf Square next door on Bremner Boulevard, about 125 units were listed for long-term rent as of this week, according to Zhen Liang, the broker of record and president at RE/MAX Excel Advantage Reality. “That is a tremendous amount of listings because that’s almost five per cent of the entire building that just became available on the market,” he said.