Is it legal to rent out your home short-term in downtown Toronto, Canada?

In downtown Toronto, Canada, it is generally legal to rent out your home on a short-term basis, but there are specific regulations and requirements that must be followed. Homeowners or renters wishing to engage in short-term rentals must register with the City of Toronto and obtain a valid registration number. This registration needs to be renewed annually. Additionally, the property must be the principal residence of the person listing it for short-term rental, which means it must be the place where they live and can provide proof of residency. The City of Toronto defines short-term rentals as those lasting less than 28 consecutive days.

Trivia: Toronto introduced these regulations partly in response to concerns that short-term rentals were reducing the availability of long-term rental housing in the city, impacting the housing market and community dynamics.