Page 22 - Real Estate Now - November/December 2021

Toronto has proposed a two-pronged approach to licensing, requiring both companies such as Airbnb and hosts to
register and pay an annual fee. Hosts of short-term rentals in Toronto would be required to pay an annual fee ranging
from $40 – $150.

As tax is a relatively complex topic, Airbnb has provided some information about local regulations in different
Canadian markets. Above all, it’s good to consult a tax professional to get more specific information.

Clean + Declutter
You’ll want to tidy your space, present it in the best possible light and hide your valuables before you photograph it.

Like the listings you love to peruse here on REALTOR.ca, the photos and listing title are the first thing a potential guest
will see on Airbnb. This is your opportunity to catch their attention.
You can either take your own photographs or contract out a professional photographer. Many hosts opt for
professional shots, given how important eye-catching photos are for your space’s profile.
Before photographing, ensure that you prep by arranging suitable lighting conditions and use a quality camera (now
available on most smartphones).

Insurance and liability
Airbnb’s Host Guarantee provides up to $1 million in insurance coverage for property damage in 29 countries,
including Canada, the United States and the United Kingdom. Airbnb’s insurance is not a substitute for homeowner’s
or renter’s insurance and it doesn’t protect against theft or personal liability.
Airbnb states that damage to a host’s property (home, unit, rooms, possessions) in every listing is covered up to $1
million USD. However, hosts must provide documentation as part of the resolution process. Payments made through
the Host Guarantee are “subject to Host Guarantee Terms and Conditions,” meaning there are exclusions, limitations
and conditions. As well, it’s common for Airbnb hosts to receive emails from Airbnb, at random, informing them that
various terms and conditions have changed.

Call your insurance company to see what is covered, as some home insurance policies cover short-term rentals. But

22 | REAL ESTATE NOW | denise@BCislandhomes.ca