NEWS

Rental space rates set to jump during Pan Am Games

03/12/2015 06:31 EDT | Updated 05/12/2015 05:59 EDT
Homeowners hoping to make some extra cash during the Pan Am Games are meeting resistance from the hospitality industry and, in some cases, their own condo boards, who take a dim view of online accommodation services like Airbnb. 

The price for a rented room or condo in the Toronto area on Airbnb appears set to double or triple when the games start in July. 

But most condo boards have a bylaw against renting out. And hotel owners say house and condo owners should be barred from the hospitality business because they don't pay the same fees. 

"They need to be put on a level playing field," said Terry Mundel of the Greater Toronto Hotel Association. "They need to pay their HST, income taxes and pay all of the same commercial taxes that we do and follow all of the same rules. If they can't, then they shouldn't be in the business."

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