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Increased Tourism Creates Healthy Canadian Hospitality Market
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(Posted on Nov 14, 2018 at 08:27PM by Michelle Bogle)
According to a recent Marcus & Millichap Hospitality Research Canada Report (Second Half 2018), strong tourism rates are benefiting the hotel property market across Canada as travellers book multi-day hotel rentals for their stays.Â
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During the first five months of the year, trips of one or more nights from non-residents rose one percent from the same time last year, which is a record 5.9 million international visitors. Tourism from China is also on a steady incline, increasing 14.8 percent during this same time frame. With Canada’s new tourism campaign in place, these numbers are expected to double the amount of Chinese visitors to the country and boost international tourists by 30 percent in 2021.
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In Vancouver, new regulations for short-term rentals is also expected to aid hotels. Effective September 1, 2018, homeowners can only put their primary residence on sites like Airbnb and they must have a $49 annual license to list their properties. This has resulted in a drastic decrease in the number of Airbnb listings from 6,600 in April to 3,700.Â
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With increased interest from international travellers and regulations in place to limit short-term rentals, it’s a great time to invest in a hospitality or hotel asset in Canada. To learn more about opportunities in Vancouver and surrounding regions, please contact our office to speak with a Marcus & Millichap commercial real estate advisor.
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