Canada’s hotel performance was lifted by Taylor Swift’s Eras Tour as well as a calendar shift, according to November data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
November 2024 (percentage change from 2023):
- Occupancy: 62.4% (+1.0%)
- Average daily rate (ADR): CAD196.25 (+9.7%)
- Revenue per available room (RevPAR): CAD122.46 (+10.8%)
“The November RevPAR increase was the highest for any month this year,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada.
“Taylor Swift’s Eras Tour was the main source of improvement in November, with downtown Toronto averaging room rates of $779 over the six-night period. These strong rates showed up in the national segmentation data as well, with transient and weekend rates growing 11.5% and 12.1%, respectively. Luxury hotels benefited the most, up 19.3% in the metric.
“Although the concert dates were the driver of overall performance, a monthly calendar shift also contributed, as there was one extra Friday and Saturday compared to 2023, with weekend rates 7% higher than weekdays.”
Among the provinces and territories, Ontario recorded the highest occupancy level (67.4%), which was 2.6% above 2023.
Among the major markets, Toronto saw the highest occupancy (76.4%), up 3.7% over November 2023.
The lowest occupancy among provinces was reported in Prince Edward Island (42.8%), down 9.1% against 2023.
At the market level, the lowest occupancy was reported in Calgary (-1.0% to 56.6%).
“Of note, the impact of Taylor Swift’s Vancouver shows will be visible in the December data, with the three-day ADR in the downtown submarket at a preliminary value of $1,204. The highest performance levels came on Saturday, 7 December, with room rates reaching $1,319, up 424% year over year. When combined with the 96% occupancy on that night, RevPAR reached $1,269, which was the highest RevPAR level on record for Downtown Vancouver,” Baxter said.