Short-term rental operators in Toronto who rent out properties for periods of less than 28 days will have to formally register with the city starting Sept. 10 to keep running, the city says.
The new online registration system is part of a broader effort to better regulate short-term rentals across the city
"Registration is a necessary first step to allow the city to effectively administer the new rules applicable to short-term rentals," the city said in a news release Tuesday.
Those currently renting out their homes or planning to do so must begin registering starting Sept. 10 and must be registered by Dec. 31. After that, any new operators will need to register before going ahead with rentals.
A valid city-issued registration number must be included in all short-term rental listings and advertisements, the news release says.
The city will also require registered operators to start collecting and remitting the four per cent Municipal Accommodation Tax (MAT) quarterly starting Jan. 1, 2021. The city is expected to provide more information on the MAT later this fall.
"This is good news for Toronto residents and a step in the right direction when it comes to regulating short-term rentals and maintaining the peace and quiet of our neighbourhoods," Mayor John Tory said in the release.
"This system will provide crucial oversight of operators and ensure that they are held accountable and only operate within their principal residences."