Canada’s hotel average daily rate (ADR) and revenue per available room (RevPAR) were the highest for any year on record, according to CoStar’s 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
2024 (percentage change from 2023):
- Occupancy: 65.7% (+0.1%)
- Average daily rate (ADR): CA$208.71 (+4.3%)
- Revenue per available room (RevPAR): CA$137.17 (+4.4%)
“While ADR and RevPAR hit all-time highs, the country’s occupancy level was its highest since 2018,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. “RevPAR growth was strongest during the fourth quarter, bolstered by Taylor Swift shows in Toronto and Vancouver, but the country’s annual growth rate slowed in comparison with 2023. The softening in growth reflects weaker economic conditions as well as strong comparables from the year prior.
“Room rates once again outpaced inflation, while supply and demand were flat year over year. Increases in transient demand and weekday results signaled continued strength in business travel, counterbalancing weakness in group demand and flat performance on weekends.”
Among the provinces and territories, Manitoba recorded the highest occupancy level (69.0%), which was 4.1% below 2023.
Among the major markets, Vancouver saw the highest occupancy (78.2%), down 0.4% over 2023.
The lowest occupancy among provinces was reported in Prince Edward Island (54.7%), down 6.9% against 2023.
At the market level, the lowest occupancy was reported in Edmonton (+3.4% to 58.5%).
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 86,000 properties and 11 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.