Longing for Effective Short-Term Rental Regulation: How Cities Are Responding and What Is the Appropriate Course of Action for Toronto

Abstract

<p>The rise of the sharing and digital economies have resulted in the excessive growth of the short-term rental markets in most parts of the world, impacting urban tourism and its related influences on livability in urban centres. The study examined the impacts short-term rentals have on both securing adequate and affordable housing in urban landscapes while considering the socio-spatial externalities created by this inherent form of usage. As the city of Toronto continues to experience excessive growth of this market segment, the study aimed to explore nuanced policy in three international cities which experience similar patterns and challenges present in Toronto. The recommendations set forth in this report are targeted to municipal planners, city staff, and politicians to reconsider and apply targeted policy to address current regulatory and enforcement shortfalls, while developing regulatory schemes that adapt to changing market conditions. By employing policy interventions best suited for their unique urban environment and conditions, the city of Toronto can further advance and control the externalities emanating from short-term rentals.</p>