EastTO a Fall Reset

PRINCE EDWARD COUNTY Renting a Home on Air Bnb in Prince Edward County AG Real Estate Group - Team Lead Alexandra Grant A short-term rental is deemed to be anything that is rented for a period of 6 months or less. Air Bnb, Bed and Breakfast are all included in this classification.

A recent article by Toronto Life is very misleading about how easy it is to purchase in Prince Edward County, let alone make a profit from a “short term rental”.

There are many stipulations. https://torontolife.com/.../a-toronto-family-bought-a.../ Prince Edward County became the permit process due to the abundance of investors coming from other regions and operating short-term rentals. This put the year-round rental market into a major crisis. Therefore the County had to step in and monitor and place rules on these short-term rentals. Furthermore, the County is one of the few counties that has this permit process for short-term rentals. Just a short distance away from the county in Hastings, Lennox & Addington & Frontenac there is no such permit process.

In the Summer of 2020, the Picton City Council made the decision to place a moratorium on ALL whole-home STA applications/licenses, which began to take place as of September 1st, 2020. This meaning Owners could apply, but they would not be reviewed or approved.

Whole-home rentals mean you are renting out the whole house and not just a portion of it.

Fast forward to July 2021, the Picton City Council decided to continue the moratorium but indefinitely. This means you can apply for an owner-occupied STA, or for a grandfathered property only. An owner-occupied STA means that the owner lives in one section of the home FULLTIME, while they rent out the other section to guests. When a new buyer purchases a home with an existing STA they are responsible to resubmit the same application paperwork, however, it will be fast-tracked because it becomes “grandfathered” because there was already an approval in place.

It’s important to note that if a homeowner is found operating an STA without a license they are permanently banned from owning or operating an STA and there are also very large fines.