If you own a residential property with the intent of renting or leasing it for rental income, you you will need to obtain a business licence – even if the property is being managed by a property management company
Each residential tenancy must be at least 30 days. Renting your property for fewer than 30 days at a time is only allowed in a licenced bed and breakfast, where you live on site while you host guests and you provide breakfast.
Rental properties may include:
- Apartment houses
- Bed and breakfast
- Single-family dwellings
- Residential/commercial buildings
- Secondary suites
A business licence is not required to have a homestay or a maximum of two boarders or renters in a residence.
- The Business Licence Bylaw defines a "business" to include a business that rents two or fewer rooms, or two or fewer suites, in a dwelling unit if:
- a) the dwelling unit is occupied by the owner of the dwelling unit;
- b) the dwelling unit remains as a single legal title, and;
- c) the interval at which rent is payable on the suite or rooms is one month or longer.
- The Zoning Bylaw defines a "bed-and-breakfast" to mean an owner occupied dwelling unit in which not more than three (3) bedrooms, accommodating not more than six (6) persons, are rented to paying customers on an overnight basis, with: (i) one on site parking stall is provided per rented bedroom; (ii) no cooking facilities or other facilities for the keeping of food within the bedrooms intended to be rented.