This makes a HUGE difference. The building I bought in bans short term rentals. It makes an incredible difference. Sure, some people get through the cracks, but they make a concerted effort to not allow airbnb. There are signs up, they check the website, and the concierge monitors for it and wont hand off keys. Some of my friends buildings are like a hotel, theres always someone in the lobby with luggage, and its really annoying. When I buy another place, I would NEVER but one that doesnt prohibit short term rentals.And THAT is what counts. If a CondoCorp prohibits short term rentals the deal hhas no purpose at that condo.
I'm moving from Maple Leaf Square which has in effect morphed from a condo to combined condo / 3 star hotel with 2 star guests. I concur, even with the new City of Toronto str rules, I'd never consider buying a home in a tower that permitted Airbnb, et al.We just nailed a woman who, in violation of our Declaration, was running an Airbnb complete with check-in and check-out times, deposits, free parking and full access to our amenities (indoor pool, gym, change rooms, saunas etc.) An Ottawa court decision late last year stated that, the moment you advertise with check-in and out times, you are violating short term leasing provisions, single family restrictions and rules against operating a business.
She received a very scary letter from our solicitor and had to sign an undertaking not to do this again or face severe legal consequences. (We charged her for the legal costs, BTW.) We also deactivated all her fobs and reactivated them with very limited and restricted access. Our Rules give us the absolute right to do this.
Noise, damage, pool parties, no room in the gym, no security ... etc. Why would any homeowner permit this? This is what comes out of, IMO, allowing so many foreign investors to buy up so many units. They dominate the votes and get to set the agendas.I'm moving from Maple Leaf Square which has in effect morphed from a condo to combined condo / 3 star hotel with 2 star guests. I concur, even with the new City of Toronto str rules, I'd never consider buying a home in a tower that permitted Airbnb, et al.