TORONTO — In November 2024, Canada’s hotel industry saw a significant boost, primarily attributed to Taylor Swift’s Eras Tour and a favourable calendar shift, according to CoStar. The occupancy rate increased by one per cent to 62.4 per cent, while the ADR and RevPAR rose by 9.7 per cent and 10.8 per cent, respectively.
The tour had a particularly notable impact in downtown Toronto, which averaged room rates of $779 over the six-night period. This contributed to national transient and weekend rate growth of 11.5 per cent and 12.1 per cent, respectively. Luxury hotels saw the highest increase, with rates rising by 19.3 per cent.
Ontario recorded the highest occupancy level at 67.4 per cent, a 2.6-per-cent increase from 2023. Toronto held the highest occupancy rate among major markets, up 3.7 per cent from November 2023’s 76.4 per cent.
On the other hand, the lowest occupancy rates were reported in Prince Edward Island and Calgary, recording 42.8 per cent and 56.6 per cent, respectively, with the former seeing a 9.1 per cent decrease from 2023.
Taylor Swift’s Vancouver shows are also expected to significantly impact the December data, with room rates reaching a record-breaking $1,319, resulting in downtown Vancouver’s highest-ever RevPAR level.
