According to a report by Third Space Planning, short term rentals in Qualicum Beach are harming the local housing and rental markets and making life less affordable.
Eric Swanson from Third Space Planning presented the findings to the town council on Feb. 28.
“Turning to impacts on the town’s housing market, we assess short term rentals are largely bringing harm,” he said. “This is because while a small minority of residents may benefit from being short term rental operators, this activity has been shown to decrease housing availability and affordability for both prospective owners and renters market wide.”
Swanson told council that renters in Parksville-Qualicum Beach have paid $15.6 million in additional rent between 2016 and 2021 “as a direct result of commercial short term rental activity” and that rents went up by $400 between 2021 and 2022 due to the impact of short term rentals.
