Hotel prices reach record high in Canada [Video]

Published February 19, 2025 at 12:03 pm

The City of Vancouver had the highest occupancy rate among major markets last year. (X / @CityofVancouver)

Hotel prices have reached a record high in Canada, according to real estate data company CoStar.

It said that the average daily hotel rate and revenue per available room were the highest for any year on record in 2024 in Canada.

The national occupancy level was also the highest since 2018.

“Revenue per available room 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,” added Laura Baxter, CoStar Group’s director of hospitality analytics for Canada.

“The softening in growth reflects weaker economic conditions as well as strong comparables from the year prior.”

The national occupancy level was 65.7 per cent, up 0.1 per cent compared to 2023.

The average daily rate was $208.71, marking a …