Better than in Vancouver, but short answer no, it’s not worth it.
First, whether a rental or a license, offering your unit to the public for accommodation redefines it as a public place for the purpose of Alberta health legislation. This means you must maintain your unit in accordance with minimum housing, health and safety standards, and you may be subject to heavy fines should you fail to do so.
Second, you need to maintain sufficient insurance in the event your guests cause any damage to the common property, other units, or the property of other unit owners of the condominium. Ideally that insurance will also cover damage to your own unit. Rental websites may claim to provide such insurance for you, but the chances of being fully compensated by that third party insurance for the acts of a guest are slim.
From a zoning perspective, operating your unit as a short-term rental could require you to obtain a business license and possibly development permits. This may take several weeks or more to complete, and may require a site visit from local fire and rescue staff and/or public health officials. The zoning for your condominium unit may even prohibit you from operating short-term accommodations in your unit. These are all things you need to check in advance of listing your unit on AirBnB or VRBO.
Finally, you need to check the bylaws of your condominium corporation, and ensure that you and your guests abide by them at all times. Every condominium is different, and each province has its own unique condominium legislation. We recommend consulting a legal expert in your particular area for more information on operating your condominium unit as a short-term rental, or if your condominium corporation needs assistance dealing with unwanted short-term rental units.
If you choose to move past that, take into account strata fees, utilities bills, cleaning fees, maintenance and IF guest required assistance will you go there or have a property manager? When renting anything (especially short terms) it’s always best to be close to your investment. For example renting out units in a duplex/triplex you own, top floor suites.... teach you for asking a question like that here
of course I am no expert, so continue to ask and do research, good luck with your endeavours.
Xo
Katey