Renting out your property in Toronto, Canada, has become more regulated. If you’re considering turning your home into a rental property or already operate rental properties, you must now register them with the city, notifying the government that you are using your property for short-term rentals. For those currently renting out their properties, the deadline to apply and register is December 31st, 2020. Failure to comply by this date may result in significant fines and penalties.
While these regulations might seem like a hassle, they actually present a positive opportunity. By adhering to the registration process, you ensure that your rental property remains compliant with local laws, reducing the risk of interruptions or legal issues. This proactive approach helps maintain the long-term viability of your rental business, allowing you to focus on generating revenue and providing a great experience for your guests without the worry of regulatory setbacks.
Register Your Toronto STR
he process of registering your property in Toronto is straightforward and designed to be user-friendly. You’ll need to answer several questions and provide personal information, such as your driver’s license. The registration fee is a modest fifty dollars, which is a small price compared to the potential fines of up to a thousand dollars for not registering or another thousand for advertising an unregistered property on platforms like Airbnb or Vrbo. The entire registration process typically takes no more than fifteen minutes. Following submission, the government will assess whether your property meets the criteria for receiving a registration number.
The criteria for eligibility are specific and stringent. However, adhering to these requirements is crucial for maintaining your ability to advertise on rental sites and ensuring uninterrupted revenue flow. A registered property signals to potential guests that you are a responsible and compliant host. When guests see a registration number in your rental ad, it conveys a sense of trustworthiness and adherence to local regulations.
While it may seem like an additional step, registering your property helps create an image of safety and care. Guests prefer to stay in properties that adhere to local laws and demonstrate a commitment to their well-being. By registering, you showcase your dedication to providing a secure and high-quality experience, distinguishing yourself from hosts who may neglect these important responsibilities. This attention to detail can make a significant difference in attracting and retaining guests, fostering a positive reputation, and ultimately ensuring the long-term success of your rental property.
The Upside
There are several positive aspects of registering your property with the city of Toronto that directly benefit your guests. First and foremost, the requirement to advertise your property’s registration number acts as a reassuring seal of approval. For potential guests, especially those who are renting for the first time or are new to the country, this registration provides a significant sense of security. It serves as a form of validation that your property has been vetted and approved by local authorities, which can alleviate any concerns they may have.
For many travelers, particularly those experiencing the normal jitters of travel, having that extra layer of assurance can make a substantial difference. The registration number effectively ticks off an important box in their mind, offering them a sense of certainty that their stay will be smooth and trouble-free. Even the most seasoned travelers appreciate the peace of mind that comes with knowing their accommodations meet local regulatory standards.
In essence, by complying with the registration requirements, you are not only adhering to legal obligations but also enhancing your property’s appeal by demonstrating professionalism and reliability. This added layer of confidence can help attract more guests, foster trust, and ultimately contribute to a more positive and reassuring experience for those staying at your property.
Another positive when registering also has to deal with the peace of mind of your guest: the new addition of an emergency contact as well as how to contact emergency services (911). This is especially viable information for guests from out of the country that are unfamiliar with the healthcare system, and are worried in case of an emergency. Could you imagine that? Being in a new country, with limited speaking ability and one of your family members is injured, and now you are unsure and stressing about how to get your family member to the hospital! This not only helps guests feel more at unease in case of an emergency, but if an actual emergency happens, they are also prepared, which is a thousand times better than not.
Yes, these precautions take extra effort and work, but they ensure a safe and well-maintained rental for potential guests. And again, there is nothing like a seal of approval from the government to ensure guests that your property is on the up and up. If you are unsure how to register, or are wanting to register your property with Enso Connect, feel free to reach out to contact@ensoconnect.com for assistance. We are dedicated to making this process as smooth as possible.
