As a place popularly known for bustling modern city features, it’s no surprise why Toronto is filled with condo establishments. It has a highly developed market, but it eventually yielded high condo prices. Lucky for travellers like you, short-term rentals started to grow in this city. Here are a few condominium options our real estate experts listed to ease your rental experience.
What are the Rental Regulations and Bylaws in Toronto?
You don’t have to be a real estate expert like us to know that rental regulations around the country, not only in Toronto, have changed due to the rise of platforms like AirBnB. However, no matter what kind of establishment it is, knowing and following the city’s bylaws is still one of the best pieces of advice our team would give to avoid any hassle moving forward.
Like any other city, short-term rental companies must obtain an operating license. Hence, all the restrictions are interchangeable according to the government’s mandate. To see the specifics of the regulations, you may need to check Toronto’s official website for more constant updates.
For the general term, you should know that short-term condo rentals are only considered for dwellings rented in no more than 28 days. On top of that, we advise you to check if the host indeed owns the residence as it was clearly written in the regulations.
And while hosts can rent the entire place, they also have the option for partial room-per-room rentals. However, owners and hosts are only allowed 180 renting days per year. While they have to pay annual fees and taxes, agencies like Airbnb and Vrbo have to pay one-time license payments and ongoing minimal fees for every booked rental day.
Top Short-Term Rentals in Toronto (AirBnB, Vrbo, More)
1. DelSuites
Whether it’s an employment relocation or simply a month-long business trip, DelSuites offer a very diverse condo rental properties catalogue around the Toronto area. Its fully-furnished kitchens, complete stock of essential amenities, and alarm system certainly caught even the interrogating eyes of our renters.
On top of all that, DelSuites has laundry facilities and a high-speed internet connection that will surely fit the lifestyle and needs of a modern short-term renter. If you’re keen on using comfortable furniture, you can ask this upon request as well.
With almost 30% of Canadians already invested in online shopping, it’s not surprising why DelSuites included a pre-arrival grocery service into their additional offerings. If you avail of this service, you’ll find fresh grocery items as soon as you arrive at your condo unit.
2. Neptune I & Neptune II
Pioneer to the Airbnb’s Friendly Building’s Program in Canada, Neptune I & Neptune II had become a popular short-term rental around the Fort York Blvd. These Toronto condos for short-term rentals has approximately 860 units each and are both in close proximity to the famous landmark, Fort York National Historic Site.
This program requires them to pay $50 monthly to the building management for the upkeep to ensure that the hosts are responsible for the units they rent out.
Rental records such as the owners, number of renters, and fees are also accessible to both the security and condominium board. With this, you can be reassured that you won’t be cheated on when it comes to rental payments.
3. Premiere Suites
If you’re planning to stay with your pets, Premiere Suites is one of the professionally managed condominiums you can rent. This company owns at least 1300 properties around Canada, so their industry experience in providing renter needs is undeniably top-notch.
Another perk of choosing this pet-friendly condo is their bi-weekly disinfecting procedures. As a company that knows how housekeeping help maintains a clean environment, they have a dedicated in-house crew who are professionally trained for the tasks.
Given that it’s centrally located around North York, Midtown, and Downtown Toronto, work, restaurants, cafes, and any sort of establishments are within walking distance.
4. Parade I & Parade II
Two of the most iconic towers in the Toronto skyline are the Parade Condos. They’re interconnected with a sky bridge, so these buildings are very easy to identify even at a distance. These condominium properties have 39 and 43 floors, respectively, and can be visited at 15 & 21 Iceboat Terrace.
What we liked the most was its Party Zone, where working renters can access free internet. In addition, they also have super fun amenities like Game Rooms, Mani-Pedi facilities, a gym, courts, and many more. This condo property is pretty close to being a cheaper hotel alternative option among the short-term renters.
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FAQ
How much is short-term rent in Toronto?
The short-term rent in Toronto costs around $90 to $250 per night, depending on the type of unit you’re considering. Typically, a one-day stay in a studio condo unit would cost you 90 to 100 dollars. One-bedroom units are priced up to $130, two-bedrooms for $180, and up to $250 for 3-bedroom ones.
Conclusion
Not all top Toronto condos for short-term rentals offer the same lifestyle perks or amenities, but everything will come down to your budget and the type of unit you’re looking for. Whether you’re interested in renting or buying, it’s also crucial to consider the regulations and bylaws of Toronto [1] before you proceed.
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