TORONTO — Avison Young has released its Canada Hotel Market Report: 2023 Review and 2024 Outlook. The report reveals robust recovery and remarkable resilience across major Canadian markets, surpassing pre-pandemic levels in Average Daily Rate (ADR), Revenue Per Available (RevPAR) and occupancy.
Highlights from the report include:
- Surge in leisure travel and small local group demand
- Upscale, upper upscale and luxury hotel segments saw notable resurgence in occupancy with double-digit year-over-year (YOY) growth
- Montreal, for the second consecutive year, saw the highest YOY growth in occupancy, with a rate of 70 per cent
- Vancouver saw the highest YOY increase in ADR (13.8 per cent)
- Montreal, Toronto and Vancouver tied with the highest YOY increase in RevPAR (23 per cent)
- Major Canadian markets posted $780 million in hotel transactions, up 38 per cent from 2022 and up 17 per cent from pre-pandemic levels, positioning the sector for further growth and opportunity
- While growth is anticipated in 2024, the market may move toward more normalized conditions. Transaction volumes are expected to increase
To access the full report, click here.
