Canada’s hotel industry reached its highest occupancy since August 2018, with significant gains in ADR and RevPAR as reported by CoStar for August 2024.
WASHINGTON – Canada’s hotel industry recorded its highest occupancy level for any month since August 2018, according to CoStar’s August 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. August 2024 for Canada (percentage change from 2023):
- Occupancy: 79.7% (+3.1%)
- Average daily rate (ADR): CAD235.85 (+3.6%)
- Revenue per available room (RevPAR): CAD187.93 (+6.8%)
“After occupancy contracted marginally in July, the metric returned to a level normally seen prior to the pandemic,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. “Weakness in the broader economy and less discretionary income from domestic vacationers have been negatively impacting hotel performance, but year-over-year growth in occupancy and ADR was a welcomed break from this trend.
“Group demand contracted for the fourth consecutive month, but the segment’s room rates grew 6.2%. Transient ADR increased 2.7% despite the lower group base and hoteliers continuing to report a shorter booking window. Overall, Canada’s room rates exceeded the 2% inflation reading reported by Statistics Canada.”
Among the provinces and territories, Nova Scotia recorded the highest occupancy level (89.6%), which was 4.2% above 2023. Among the major markets, Vancouver saw the highest occupancy (87.6%), up 1.0% over August 2023. The lowest occupancy among provinces was reported in Saskatchewan (66.6%), up 3.0% against 2023.
At the market level, the lowest occupancy was reported in Edmonton (+7.1% to 71.6%).
CoStar Group 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.