A new option for struggling Airbnb investors: REW.ca
Ephraim Vecina
Mortgage Broker News
Online marketplace Real Estate Wire (REW.ca) has announced the addition of more than 10,000 rental listings to its platform, which is accessible to Canadians everywhere.
The decision to place these listings on the platform stemmed from a long-running market trajectory, said Simon Bray, president of REW.
“In recent years, we’ve seen generational and economic factors drive a trend towards rentals,” Bray said. “We’re excited to add rental listings to our real estate marketplace. We believe that renters should have access to the same great tools, insights, and resources as buyers.”
REW said that every listing will be vetted through trusted property management companies. The 10,000 new additions are located in BC, Alberta, and Ontario.
Over the last few months, the rental sector has come under closer scrutiny, particularly due to its impact on the housing market.
Data from analytics firm AirDNA showed that long-term residential supply has noticeably improved as Airbnb and similar services have scaled back because of the COVID-19 pandemic.
According to AirDNA, the number of short-term rental properties in major markets fell from January to April. This was most apparent in Vancouver (down 18.5%), Toronto (down 20%), and Montreal (down 22%).
“We are seeing an incredible new amount of inventory of furnished units come onto the long-term rental market over the last few months,” said Andrew Harrild, co-founder of condos.ca.
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