The bylaw applies to those renting out rooms, condos or homes through online sharing platforms like Airbnb, VRB and FlipKey.
The city has also restricted the length of rentals in primary residences to a maximum of 180 days, and no more than three rooms can be rented individually. Property owners must also have proof of commercial general liability insurance which must be renewed annually along with their city issued licence.
Council said it undertook a review of its bylaw in hopes of mitigating that problem and identified several issues stemming from STRs, including investors purchasing multiple properties as short-term rental spaces. As a result, investment properties being rented as STRs are now prohibited.