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Toronto renters struggle to find homes because of Airbnb

September 28th, 2016  |  Home

While everyone expected Airbnb to cut into hotel profits, the hotel industry has continued to do just fine, meanwhile it seems short term renting is negatively affecting those looking for places to live.

At least that’s the word coming out of Toronto where a man claims to have been evicted from his rental in order for his landlord to put the property on Airbnb.

A recent report by the Canadian Centre for Policy Alternatives criticizes Airbnb for promoting the idea that its users are regular residents simply sharing their homes when nearly half of its Toronto revenue is generated by hosts that own multiple listings, implying that much of its business relies on owners turning potential rentals into “ghost hotels”. According to the Toronto Star the report ties 46% of Airbnb’s Toronto revenue to just 13% of its hosts.

Earlier this month a report came out revealing that the concentration of Airbnbs in the waterfront community are keeping properties off the market and driving up rent prices. The CCAP’s new report identified other hot zones for Airbnb activity including Liberty Village and the downtown core between Yonge and Church below Bloor st. The three areas combined make up more than quarter of the city’s listings and also include some of the most desirable areas to live in.

The issue has gained enough attention that Toronto city council is strongly expected to look at regulating home sharing sometime in the near future.