This looks like a pretty good agreement for both parties. AirBnB continues to operate in Vancity, Vancity can set rules and governance to short term rentals.

The most important is that Vancity can deny the ability for commercial operators pretending to be residential operators and punish those that persist.

- Short-term rentals will only be allowed in a principal residence, where the operator resides for more than 180 days of the year and receives mail - Commercial operators or other properties that do not qualify for the short-term rental business license program will be subject to these new fines effective April 19.

The ball is really in Vancity's court here as they can enforce (or not) as necessary.