A new study suggests that Coquitlam is one of the more priciest cities in B.C. — and all of Canada — to rent an Airbnb.
Money.ca released its findings today, Sept. 12, listing Coquitlam, at an average of $175 per night, as the sixth most expensive community in the province to rent an entire property.
That price is the fourth highest among Metro Vancouver communities and 20th in the country, tied with Hamilton, Ont.
The methodology included compiling a list of Canada's 50 most populated cities, Money.ca's release explained, and using Airbnb's earnings tool to calculate the average earning potential for each location.
"While this is good news for residents in these cities looking to earn extra income by listing their properties on Airbnb, visitors seeking affordable accommodation in the city may face a more challenging search," Kris Bruynson, spokesperson for the financial platform, said in its statement.
Coquitlam's average price for a one-bedroom Airbnb rental is $128 per night; $156 per night for a two-bedroom; and $240 per night for a three-bedroom.
Vancouver hosts the most expensive Airbnb rentals in Canada at an average of $325 per night for an entire property.
Richmond and Burnaby round out the top three Metro Vancouver cities at $258 and $222 per night.
Edmonton, Alta., has the lowest average Airbnb property costs per night at $118, according to Money.ca's research.
On May 1 this year, the province enacted a new legislation to put restrictions on short-term rentals.
Airbnbs, and others, are now limited to a principal residence or basement suite, laneway or garden suite on the same property in communities with populations of 10,000 or more.
Strata hotels and motels that were operating in a manner similar to a hotel or motel before Dec. 8, 2023, and that meet certain criteria, will be exempt from the principal-residence requirement.
Analysis from short-term rental data analytics company AirDNA from March 2024 shows more than 19,000 homes in B.C. are being listed as short-term rentals for the majority of a calendar year.
“We’re trying to find a balance,” said B.C. housing minister Ravi Kahlon.
“Short-term rentals are still going to be available for people but we need to ensure that people that are investors that are going in and buying multiple homes and moving them away from long-term rentals, that’s not something that we want to see.”
With files from Cindy E. Harnett, Times Colonist
