Interested in investing in the short term rental market?

97cbda28-50ad-4b16-879a-a5729fc4fdb5

The most important first step is to know if your area allows short term rentals, you may need to apply for a permit or license prior to hosting. The municipality may also dictate the length of stays you can host, how many guests you can host, and some regions charge additional fees (taxes) on each reservation.

If you are currently hunting for a new property, connect with an agent that knows the area well and in addition has knowledge of the short term rental market. Be cautious in over saturated markets, recently in Ontario municipalities have narrowed in on short term rentals. For example, Prince Edward County has a strict number of STR’s meaning if the property you are wanting to purchase has a current licence you can likely acquire that permit otherwise you won’t be able to host short term stays unless it is a Bed & Breakfast. Stipulations have also been set in place in popular beach destinations in southern Ontario, these changes state that stays must be a minimum of 30 days. Do your research before purchasing!

For rural properties, a house inspection is highly encouraged. The Ontario real estate market is cooling, allowing time for buyers to place conditions on their offers. Have the well and septic of the property inspected; you want to ensure your water is potable and you have a speedy recovery time allowing for multiple showers and laundry use. In your offer place a condition that you want the septic pumped at closing. The home inspector should examine the tank and tiles to ensure proper working function.

It is also important to inquire with your agent about year round access, is the road access maintained by the municipality or private. If private you will need to arrange snow removal for guest access, an important expense you don’t want to over look.

If you have more questions about investing in the short rental market, lets connect at hello@wilderwaters.ca and schedule your consultation.

Posted in

Leave a Comment