TORONTO— Global commercial real-estate advisor, Avison Young, has released its annual Canadian Hotel Market Report, featuring a review of 2024 and an outlook for 2025.
Highlights include:
- Major Canadian markets recorded nearly $1.3 billion in hotel transactions in 2024, marking a 46-per-cent increase YOY and an 88-per-cent surge compared to 2019. This is the highest transaction volume since 2017, exceeding the 10-year average of $1 billion.
- Vancouver emerged as Canada’s strongest tourism market in 2024, recording an occupancy rate of 78 per cent, Average Daily Rate of $285 and RevPAR of $223. A clear trend in the tourism market is the flight-to-quality, with higher-tier properties outperforming lower-tier segments. Luxury and upper-upscale hotels recorded the highest year-over-year RevPar growth.
- Looking ahead, the positive momentum in hotel transactions positions the Canadian hotel market for continued growth and investment opportunities in the coming year.
To see the full report, click here
