Since tourism is down to zero, nobody is renting Airbnbs. So if you have an investment condo you’ve been using for short-term rentals, you’ve probably taken a huge hit. You basically have three options:
Wait it out. COVID-19 will eventually pass, the borders will open back up and tourists will come back to TO. Toronto is still one of the best cities in the world and will attract tourists and business travellers again. So if you can sit tight for a while, hold on to a unit.
Try to rent it out long-term. If you need revenue to carry the property, contact one of our Condo Pros to get the unit up for rent as soon as possible. However, this may not be easy: the rental market in downtown Toronto has softened dramatically: there are far more empty units than available tenants and prices have dropped by 10% or more to 2018 levels.
Sell. If you can't carry the unit any longer, put it on the market. Just keep in mind that there are a lot of other investors unloading their Airbnbs right now, so the market is saturated and units aren't moving very fast, especially the smaller ones right downtown. If you can wait out the crisis, wait: you'll make the most money that way.