Airbnb as an amenity - general information

Airbnb is the exclusive short-term rental platform permitted for use by owners in ICE Condominiums. Short-term rental operators can no longer use other websites, such as Booking.com or VRBO, to book guests in their units (30 day transition period applies).

This agreement brings long-awaited harmony to the ICE Condominiums community by ensuring owners can carry out their right to host short-term rentals (in their principal residences) while supporting the standards all residents expect of their homes at ICE Condominiums.

As well as supporting the needs of long-term residents, this agreement will enable a better, less disruptive experience for short-term rental guests, leading to increased stability in the community.

ICE Condominiums has entered into an agreement with Airbnb. Airbnb will be the exclusive short-term rental platform permitted for use by owners in ICE Condominiums, and building management will have a significantly greater level of support and resources from Airbnb to balance the needs of long term tenants with short-term rental guest activity.

• Building management will have direct access to Airbnb booking information in a new check-in software. This software will help to maintain a safe, stable community environment by giving management the tools to speed up check-in, communicate with guests and verify identities and guest lists associated with individual reservations.

• ICE building management will review and approve all Airbnb hosting requests to ensure each listing complies with community rules, appropriate lease addendums have been signed, and any local permits or licenses requirements have been met.

• Airbnb will provide ICE building management with a dedicated team to identify, research, and address Hosts who do not comply with the program rules and requirements, including those who may be hosting at the community, but not enrolled in the official Airbnb Resident Hosting program.

• ICE building management will have the ability to request Airbnb to remove any listing in which either a resident or a guest violates our community rules, enforcing a zero tolerance policy on violations.

• New STR reservations will be charged a 15% fee on the total booking cost, which will be deposited into an ICE Condominiums contingency fund, used only to pay for capital repairs and maintenance, accounting for wear and tear related to STR activity, as well as other costs related to building and service enhancements. These funds will be transparently reported on in the audited annual financial statements.

The Board believes that this will have noticeable changes in the community, including:

• Extra funds for the repair and maintenance of common areas in the community, including hallways, elevators, and lobbies.

• More effective enforcement of the rules for short-term rental guests, leading to fewer disruptive incidents.

• A faster check-in process for short-term rental guests, leading to reduced crowding in building lobbies.

• Empowering security with more information and better tools to intercept unauthorized guests, preventing them from accessing short-term rental units, leading to a more secure experience for the entire community.

Yes. This program will contribute to a more secure environment at ICE Condominiums by increasing the level of transparency on who is making bookings, creating an immediate method of identity verification and allowing security to validate how many people should be gaining entry per booking.

Having Airbnb as an amenity also provides better information about peak booking periods further into the future. This allows building management to more effectively schedule additional security staff or more frequent patrols to maintain a safe, respectful environment for residents and short-term rental guests.    

Fees collected from Airbnb bookings will be deposited into an ICE Condominiums contingency fund and used to fund items such as:

• Capital repairs and maintenance, accounting for wear and tear related to short-term rental activity, such as hallway renovations,

• Security and administrative costs attributable to the overhead costs added as a result of short-term rentals, particularly with respect to proactive rules enforcement,

• Costs of managing the Airbnb program, including increased insurance premiums, and

• Value-added enhancements that serve the ICE Condominiums community as a whole.

The board is also evaluating options for allowing owners and residents to vote on the use of proceeds from this program.

No. The money collected from Airbnb bookings will only ever be used to pay for capital repairs and operating costs in the community common areas that are used by both short-term renters and long term residents. Examples of these improvements include hallway refurbishment, such as new carpets, wallpaper and doors, or updated lobby furniture.

ICE Condominiums is a not-for-profit entity. Other than the contributions to the condominium’s audited contingency fund, no person or entity is receiving compensation as a result of this program.

No. ICE Condominiums takes a neutral position with respect to short-term rentals, acknowledging that owners who live in their units have a right to host short-term rentals, but must do so in compliance with our rules that ensure the high expectations of long-term residents are met. Our desired end result is to foster a community where owners who live in their units may list them on Airbnb on occasion. We are not here to operate a hotel. The Board does not anticipate that the volume of short-term rentals will rise because of this program.

Funds will be contributed to the condominium’s contingency fund where contributions and expenditures are specifically itemized. The contingency fund will form part of the condominium’s annual financial statements, and will therefore be subject to an external audit. The financial results, including a breakdown of contingency fund expenditures, will be shared annually with all owners as part of the condominium’s reporting process.

There are other condominiums in Toronto with similar arrangements. Though ICE Condominiums is the largest condominium in downtown Toronto and its location poses additional complications, this program offers a significant contribution toward standardizing our approach to short-term rentals.

ICE Condominiums’ governing documents specifically permit short-term rentals. Many owners who live in the building enjoy the benefit of being able to occasionally host in their unit. Over the years, ICE Condominiums has refined its processes and approach to short-term rental and developed a strong understanding of the success factors required to manage STR given the property’s unique attributes. The Airbnb program builds on this understanding and extends what we have been able to accomplish by way of creating an environment that sets a standard for responsible, community-oriented hosting.