B.C.'s new legislation on short-term rentals will triple the fines for hosts who break the rules, and bring in a number of new requirements for operators in an attempt to return units to the long-term market.

Premier David Eby and Housing Minister Ravi Kahlon announced the Short-Term Accommodations Act(opens in a new tab) Monday.

"There is no question, in British Columbia short-term rentals have gotten out of control," Eby said at a news conference after the legislation was tabled, adding that the bill seeks to crack down on profit-driven operators.

"Thousands of homes that used to be available to buy or rent are now off the market and people who are looking for a decent place to live are struggling more than ever," he continued.