Calgary is in the midst of a housing debate, and at the center of it all, short-term rentals (STRs) are often pointed to as one of the culprits. With over 540,000 homes in Calgary and only around 5,000 of them being used as STRs, it’s time to set the record straight: STRs are not the driving force behind the housing shortage.
Let’s dive into the numbers and debunk some myths about STRs while taking a closer look at the real issues at play.
The Numbers Don’t Lie
Calgary’s housing landscape comprises over half a million homes. Of these, only 1% are used for short-term rentals. This includes platforms like Airbnb and VRBO that provide temporary accommodations for visitors and travelers. When you consider the small fraction of homes dedicated to STRs, it’s hard to argue they’re a significant factor in a housing shortage.
Think about it: Even if every single STR was converted into long-term housing tomorrow, would it solve the problem? Unlikely. There simply aren’t enough STRs to move the needle on Calgary’s housing needs.
What’s Really Causing the Housing Crunch?
The housing shortage in Calgary is complex, and several factors contribute to the issue:
- Population Growth: Calgary’s population has been growing steadily, with more people moving to the city for job opportunities and a high quality of life. This naturally increases demand for housing.
- Supply Chain and Construction Challenges: The pandemic, rising material costs, and labor shortages have slowed down the construction of new homes. Projects that were planned years ago are delayed, creating a bottleneck in housing supply.
- Zoning and Urban Planning: Calgary’s zoning policies can make it difficult to build diverse types of housing, particularly affordable options. Red tape and lengthy approval processes add to the problem.
- Speculative Real Estate Practices: Large-scale property investors and speculative buyers who hold onto empty homes or buy up properties to increase rents are more likely to disrupt the housing market than STR owners.
STRs: A Scapegoat for a Bigger Problem
Short-term rentals are often misunderstood. Here’s why they’re not the enemy:
- Supporting Tourism: STRs contribute to Calgary’s vibrant tourism economy by offering unique accommodations for visitors. They support local businesses and events by bringing in more travelers.
- Flexibility for Owners: Many STR owners use their properties as an income stream when they’re not needed for personal use. They’re not intentionally holding homes hostage from the long-term rental market.
- Insignificant Scale: With only 5,000 STRs in Calgary, it’s clear their impact on housing availability is minimal compared to other factors like population growth and urban development challenges.
Finding Real Solutions
Blaming short-term rentals for the housing shortage distracts us from tackling the root causes of the issue. So, what can be done?
- Increase Housing Supply: Speed up construction approvals, invest in affordable housing projects, and encourage the development of multi-family homes.
- Reevaluate Zoning Laws: Create more opportunities for densification, such as allowing duplexes, triplexes, and small apartment buildings in areas zoned for single-family homes.
- Address Speculative Buying: Implement policies to deter large-scale investors from hoarding properties or leaving them vacant.
- Encourage Sustainable Tourism: While STRs aren’t the problem, regulating them fairly ensures they don’t grow unchecked or disrupt neighborhoods.
The Bigger Picture
Calgary’s housing shortage is a pressing issue that deserves thoughtful, data-driven solutions. Pointing fingers at short-term rentals might feel easy, but the numbers show they’re far from the real problem. With just 1% of Calgary’s homes functioning as STRs, it’s clear that our focus should shift to more impactful solutions.
Let’s prioritize increasing housing supply, supporting urban planning innovation, and addressing speculative practices. When we tackle the true causes of the housing crunch, Calgary can grow sustainably—without unnecessary blame on short-term rentals.
What do you think? Do you agree that STRs are being unfairly blamed, or do you see a different side to the story? Share your thoughts in the comments below!