Short Term Rental - Toronto/ Montreal? or Canada?

Question

Hello,

I am doing a bit of research on short-term rental to see if it can be a profitable strategy.

I am a newbie. Where I am sitting at the moment is I am looking to purchase a property by the end of next year. Taking this year to accumulate my knowledge (with books, podcasts, this forum...) and also increase my investing funds.

After doing a bit of research, the province of Quebec offers some good pricing. You also have the Atlantic region but looking at the growth of the city I think Montreal is a good bet.

However, the laws in Montreal seems to be stacked against the landlords (no deposit, no last month, lengthy eviction process...).

After thinking a little more about it, I thought that short-term rentals could be a good strategy to work around those laws.

I am trying to see if anyone in the forum has experience with buying a property just for short-term rental either in the Montreal or Toronto region. But anywhere else in Canada as well is welcome.

Thank you very much.

Myka Artis · Answer

A podcast entitled Live Let Thrive.

Myka Artis · Answer

No problem at all. You can post the timeshare unit because you can resell your time to other people. You don't always have to be the one that goes when you take the vacation. I've actually turned it into a profitable business and I use the information and profits to further my investing.

Krishna D. · Answer

@Myka Artis

You will have to excuse my newbiness :) how do you post a timeshare unit on Airbnb if you do not own the property. Hopefully, I am not forcing you to expose one of your best-kept secrets.

Roy N. · Answer

@Krishna D.

Tenancy Law in Québec is heavily regulated and the Régis is tenant biased.    The same is true in Ontario with the LTB.   In Nova Scotia, Tenancy Law is only slightly less tenant favourable.  In New Brunswick application of the Residential Tenancies Act is a little more even handed.

However, if you are planning for short term rentals (i.e. a duration <1-week), you may well find they are not governed by tenancy law, but are viewed as being hotelier and governed/licensed as would be a hotel.

Krishna D. · Answer

@Myka Artis ... Any resource (book or audio) that you would recommend to learn more about timeshare?

Myka Artis · Answer

@Krishna D. Well what I do is test run a market by posting my timeshare units on Airbnb/VRBO. If the market is good then I'll look to invest in the area. I haven't acquired a property in Canada yet. I do wonder about any issues I will run into when trying to purchase.

Krishna D. · Answer

@Myka Artis

i see that you are from Arlington, Tx. Was it a hard process to have a STR property in Canada?

Krishna D. · Answer

@Thomas S.

Yeah exactly ... I was looking for a duplex to start. not too fond of HOA to tell you the truth.

Thanks for your feedback.

Krishna D. · Answer

@Jacob Perez

woooowww thank you very much... had no idea about this website. some great data coming out of it.

Thanks a lot.

Krishna D. · Answer

@Robens Batraville

THank you very much for your feedback... yeah i had heard about the city of Montreal making a lot of noise against uber and airbnb i think it was 2 years ago. but since i thought a law was voted for those two. Thanks for reminding me about it.  I will do a little more research on it to ways to do legally or maybe to find an alternative.

Short Term Rental - Toronto/ Montreal? or Canada?

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