EDITOR'S LETTER
28 days or less The rapid rise of the sharing economy in
recent years has sent policymakers scrambling
to respond with rules that address this new reality. First, the municipality of Toronto tackled ride-sharing apps, such as Uber, which disrupted the taxi industry. Now Canada’s largest city has turned its attention to home-sharing platforms, such as Airbnb, which is disrupting the hotel industry. These platforms are also in some cases disrupting condos, in a different kind of way. Condo buildings possess many of the same features as hotels, such as gyms and pools, making them attractive targets for shortterm rentals, from the perspective of both guest and host. But with transient visitors come concerns about noise and safety, as well as about building damage resulting in extra maintenance and costs. That explains why some condo corporations ban them altogether in their governing documents. The trouble is, these provisions can be a pain to enforce, despite a recent court ruling that bolstered their cause by confirming that short-term rentals are incompatible with single-family uses. Condo stakeholders who were hoping more help was on the way may be disappointed by the regulations proposed in Toronto. As covered in this month’s cover story, the contemplated rules allow short-term rentals in condos, as long as the unit is a primary residence. In other words, commercial operators and investors would be cut off. Condo corporations would retain the ability to use their declarations, bylaws or rules to impose an all-out ban if they so desired. Conversely there are concerns about what the contemplated rules would mean for condo corporations specifically set up to allow short-term rentals. But this story isn’t over yet, with city staff slated to take the proposed regulations out to public consultation. Also in this, our technology issue, you will find articles on data-driven building diagnoses, e-voting and intrusion detection systems. Plus, we bring you our third annual Who’s Who, a rundown of the major players and portfolios in Canada’s condo industry. If we missed you, please email Daniel Ross at danielr@mediaedge.ca to be included in our 2018 contact list. A quick point of clarification: The May/June 2017 article “What to ask your auditor” refers to a “certified public accountant.” That’s what the U.S. designation is called. In Canada, the designation is called the Chartered Professional Accountant, or CPA. Until regulations are in place, condo communities are left to their own devices in determining how to handle short-term rentals. As you’ll discover in this month’s cover story, some of the board members who are dealing with the phenomenon have a few ideas about what should be done. Michelle Ervin Editor, CondoBusiness michellee@mediaedge.ca JTB_Condo_March_2017_FINAL.pdf
Publisher Mitchell Saltzman Editor Michelle Ervin Advertising Sales Sean Foley, Stephanie Philbin, Melissa Valentini Senior Designer Annette Carlucci Production Manager Maria Siassina Contributing Writers Marc Bhalla, Garry Bradamore, James Davidson, Ray Eleid, Scott Hill, Dale Kerr, Megan Mackey, Dr. Alice Sinia, David Spencer, Cheryll Wood Digital Media Director Steven Chester Subscription Rates Canada: 1 year, $60*; 2 years, $110* Single Copy Sales: Canada: $10*. Elsewhere: $12 USA: $85 International: $110 *Plus applicable taxes Reprints: Requests for permission to reprint any portion of this magazine should be sent to info@mediaedge.ca. Circulation Department Aashish Sharma circulation@mediaedge.ca (416) 512-8186 ext. 234 CONDOBUSINESS is published six times a year by
President Kevin Brown Director, Sales & Strategy Eric Harbottle Accounting Manager Nadia Piculik, CPA, CMA 5255 Yonge Street, Suite 1000, Toronto, ON M2N 6P4 (416) 512-8186 Fax: (416) 512-8344 e-mail: info@mediaedge.ca CONDOBUSINESS welcomes letters but accepts no responsibility for unsolicited manuscripts or photographs. Canadian Publications Mail Product Sales Agreement No. 40063056 ISSN 0849-6714 All contents copyright MediaEdge Communications Inc. Printed in Canada on recycled paper.
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