Canada's largest city, facing low apartment vacancies and soaring real estate prices, is considering regulations of short-term home rentals amid concern that companies such as Airbnb Inc. are removing much-needed supply.
The city of Toronto released a report last week that lays out potential control measures for short-term rentals, including a licensing system, updated zoning bylaws and additional tax requirements.
The report, which will be considered by policy makers this week, recommended consultations with the public and stakeholders early next year to help decide whether regulation is needed.
Cities are grappling with how to handle home-sharing services and their effect on neighborhoods, housing affordability, tourism and taxes.
The Toronto report comes a month after Vancouver, another Canadian city with a tight housing market, announced it would begin steps this fall to regulate short-term rentals, which that city estimates is withholding 5,000 properties from the market.
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