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November 12, 2021

Increasing property taxes could force cottage owners to look for more renters

The 2012 MPAC Assessment is currently in the mail and Ontario property owners who own cottages, ski chalets and vacation homes need to be on the look out, warns Mara Sofferin, VP at CottageCountry, a popular Canadian online vacation rental site.  

With some 17,000 vacation properties available, the site is one Canada's largest source for cottage and vacation rentals, a key source of income for many vacation property owners, particularly those feeling a bit cash-strapped.

In such cases, rental revenue can help cover costs like mortgage, maintenance and increased property tax payments, or simply be a source of supplemental income.

"When the assessment arrives, likely so will the news of much higher annual property taxes, adding another expense to the already costly endeavor of owning a vacation property," she maintains. 

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In addition to being a secure platform through which property owners can connect with potential renters, sites like CottageCountry, Home Away and Vacation Rentals By Owner provide owners with a suite of tools that streamline the rental process, from screening guests to processing online bookings and payment.

At the same time, buyers can now book a cottage or chalet rental as easily as they would a hotel room without sending cheques to strangers via snail mail, says Sofferin.
"Most people are not aware how easily and autonomously they can rent out their vacation properties or how much money they could be making. We want to educate all Canadian vacation property owners on this opportunity and enable them to be really successful," says an excited Sofferin.

Do you rent out your vacation property? Solo or third party? As an owner or renter, have you had a good experience using rental aggregators?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...