Toronto Condos That Allow Airbnb: Top 15 Short Term Rentals

Navigating the Toronto real estate market can be complex. This is especially true if you’re seeking Toronto condos that allow Airbnb, or perhaps you’re looking for properties that do not allow it. Understanding the city of Toronto’s regulations and identifying buildings that accommodate such rentals are crucial steps for potential investors and homebuyers.

Understanding Toronto’s Short-Term Rental Regulations (Airbnb)

As of January 2021, Toronto enforces specific rules governing short-term rentals to balance tourism interests with housing availability. Key regulations include:

• Principal Residence Requirement: Only your principal residence—the dwelling you primarily occupy and use for official purposes like bills and identification—can be rented short-term. This means owning multiple properties for the sole purpose of short-term renting is prohibited.
• Rental Limits: You may rent up to three bedrooms in your principal residence without a yearly night limit. However, renting the entire home is capped at 180 nights per year.
• Condominium Bylaws: Even if city regulations permit short-term rentals, individual condo boards may have bylaws that restrict or forbid them. It’s essential to review these bylaws before proceeding to ensure you find Toronto condos that allow Airbnb

Toronto Condos That Allow Airbnb

While many condos in Toronto restrict short-term rentals, several are known for being more accommodating. Notable examples include:

1. Neptune I & II at Waterpark City: Located on Fort York Boulevard, these buildings were among the first in Canada to join Airbnb’s Friendly Buildings Program. Hosts renting entire units contribute $50 monthly for building upkeep, and Airbnb shares 5 percent of earnings with the condo board.
2. Local at Fort York (50 Bruyeres Mews): This 15-story condo offers amenities like a rooftop terrace and sauna, appealing to short-term renters.
3. Quartz (75 Queens Wharf Road) and Spectra (85 Queens Wharf Road): These neighbouring condos provide various amenities and are situated near Toronto’s waterfront and Entertainment District, making them attractive for Airbnb guests.
4. ICE Condos (12 and 14 York Street): Situated near major attractions like the CN Tower and Scotiabank Arena, these buildings are popular among short-term rental hosts.
5. One King West Hotel & Residence: A mixed-use condo and hotel building that allows short-term rentals, ideal for guests seeking a luxury stay in Toronto’s Financial District.
6. The Pinnacle Centre (33 Bay Street): Located near Union Station and the Harbourfront, this building has a strong appeal to traveler’s seeking convenience and a central location.
7. Maple Leaf Square Condos (55 and 65 Bremner Boulevard): A top choice for sports fans and event attendees due to its proximity to Scotiabank Arena.
8. Festival Tower (80 John Street): Known as the home of the Toronto International Film Festival, this building is attractive for traveler’s seeking a cultural experience.
9. Aura at College Park (386 and 388 Yonge Street): A towering condo located near Eaton Centre and the subway, catering to both tourists and business travelers.
10. The Element Condos (20 Blue Jays Way): Conveniently located near Skydome aka Rogers Centre, it’s popular for Airbnb hosts looking to attract baseball and concert fans.
11. The Cosmopolitan Hotel & Residences (8 Colborne Street): Another mixed-use building with flexible short-term rental policies, appealing to both business and leisure guests.
12. Thompson Residences (629 King Street West): Situated in Toronto’s trendy King West neighbourhood, this building draws visitors who enjoy nightlife and fine dining.
13. Parade I & II (10 Capreol Court and 15 Iceboat Terrace): Located in the CityPlace neighbourhood, these buildings offer great amenities and attract a variety of short-term renters.
14. Toronto Entertainment District Residences (101 Peter Street): Ideal for visitors wanting to experience Toronto’s vibrant Entertainment District.
15. Liberty Village Condos: Certain buildings within Liberty Village have more flexible short-term rental policies, making them attractive for traveler’s exploring Toronto’s urban-chic neighbourhood.

Considerations for Prospective Airbnb Hosts

Before investing in Toronto condos that allow Airbnb, consider the following:

• Condo Board Regulations: Always verify the specific bylaws of the condo building. Some may have restrictions despite city allowances.
• Licensing and Taxes: Hosts must register with the City of Toronto and pay an annual fee. Additionally, a 6 percent Municipal Accommodation Tax (MAT) applies to all short-term rentals.
• Insurance: Ensure your insurance policy covers short-term rental activities to mitigate potential liabilities.
• Market Demand: Research the demand for short-term rentals in your desired area to assess the viability and profitability of your investment.

Investing in Toronto condos that allow Airbnb rentals can be profitable if you navigate the city’s regulations and individual condo bylaws diligently. By focusing on buildings known to permit short-term rentals and adhering to municipal requirements, you can capitalize on Toronto’s vibrant short-term rental market. Have questions about Airbnb friendly condos? Contact me now to get started.