Vancouver vs Victoria BC

Jeanie11
Level 1
Vancouver, Canada

Vancouver vs Victoria BC

Hello Airbnb Community,

 

My partner and I have decided to restart an AirBnB. I live in Vancouver and he lives in Victoria. I had a couple of Airbnb's in Vancouver that did very well. I was booked almost every night in the summer and most nights during the other seasons. I did find it difficult to keep the airbnb's since Strata's have set up it that it was not legal to have a airbnb and you would be fined. We have decided to buy a home to start an Airbnb. We would like to consider Victoria but I don't know how well an airbnb would do in Victoria.

 

Is there a high demand in Victoria? Which city would you choose and why? If you would choose Victoria....any specific area? Who are your typicall clientele? (tourists? business/ Ceo? parents visiting students? ). any info would be great. Thanks so much

 

Jeanie

14 Replies 14
Alvina0
Level 2
Vancouver, Canada

Hello,

 

I'm Vi.  I have a house and airbnb worked really well for me for six months in 2017.  I love the platform.  I am reconsidering airbnb in Vancouver because of the recent backlash.  I would love to continue.  My reasons are this:  I would need a business licence to continue legally and once I have that I wonder if the Federal government would ultimately tax me higher as a business when I decide to sell my family

home. I also wonder if the city would get involved in the physical environment.  My home is great and I get very good ratings but I have seen others get involved with the city (outside of airbnb) and that can be challenging and expensive.  Hotels are required to have different standards.  For instance, a fire extinquisher isn't enough.  Any thoughts on these issues?

You've used your "family home" as a revenue generating business but now you don't want to pay tax? Typical Airbnb parasite!

Leonard15
Level 1
Victoria, Canada

Hello All,

I also lived in Vancouver and was renting out a condo on Airbnb, and I also got shut down by management. We decided to purchase a two bed home in Victoria, and it was a Fantastic move. Firstly Victoria has had a better lift for homes then Vancouver I believe it's the third highest BC, also we picked up our home for under $600K.

The home we purchased is in the Fernwood area which is a perfect area for Airbnb because is quiet and very close to downtown. We listed our home on Airbnb July 15, 2017, got our first booking two days later. our first full month was August and our income was over $6700. 

 

 

 

[Personal information hidden for safety reasons]

All the best

Leonard****

I hope you are paying income tax on that 6700.

Doubt it! That's what Airbnb is all about isn't it? Generating tax free income then further avoiding by claiming principle resisendce. What a joke! 

well, i have no choice to pay income, because most of my guest paid by a company, which they will submeet as an expenses, and I have to claim as an income. is ok, after all we have to share money coming from the sky, heheh

I pay lodging and income tax on every dollar I make through Airbnb.

Me too Leslie, me too. I now pay tax quarterly instead of once a year because I declare every penny of our revenue.

Hi Catherine,

I started my Airbnb in July and have not applied for GST/PST. Should I apply online?

If I understand correctly, you add that to the nightly fee, then pay those tax fees to the government monthly, quarterly, or yearly?

Your advise will be helpful!

 

Best Regards,

Teresa

What insurance have you gotten? Other than the insurance Airbnb provides.

Hey @Wendy478 - what insurance company did you end up going with? We have a company we use for all our rentals but are curious about your experience

Wendy478
Level 2
Sooke, Canada

Does anyone get insurance other than the insurance Airbnb offers?

Hey @Wendy478 - we ensure all of the properties we own and manage obtain third-party insurance in addition to that offered by AirBnB. Most home insurance companies will deny your claim if they find out you are renting your unit/home short-term, so it's best to obtain insurance specifically designed for short-term rentals (and to protect yourself in the event AirBnB's policy doesn't cover the loss).

 

...oh and I know I responded to this already but thought I'd make the answer easier to find for others looking! 😄

Hi all - my partner and I purchased a property in Victoria in 2018 after being unable to afford one in Vancouver. We couldn't quit our law jobs in Vancouver right away to move to Victoria full-time, so we started renting out our property on AirBnB. We highly recommend it!

In fact we've done so well since then that we started a vacation rental management company - Host Happy ** - for anyone interested. We'd love to tell you more about the Victoria market, what you could earn, the legalities, etc. We can help you find the perfect property if you don't have one already, or we can manage your property for you to help you maximize your revenue. We consistently command above-market rates because we offer amazing customer service and transform your space into a one-of-a-kind rental which highlights Victoria's amazing local art and products. Oh and @Wendy478 yes, we obtain third-party liability insurance in addition to AirBnB's insurance for all of the properties we manage - we think it's worth it, just in case. 

We love Victoria and think it's the perfect place for a vacation rental - there is year-round tourism, especially from the States, amazing local artists, delicious food, a charming downtown core and beautiful nature. If you're thinking of starting an air bnb in Victoria we'd love to help answer your questions 🙂**

**[E-mail address and link removed due to safety reasons - Community Center Guidelines]