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Vancouver was Canada's strongest hotel market in 2024
Vancouver’s hotel industry was the strongest in Canada in 2024, leading key performance metrics across major markets, according to a recent report by Avison Young and as reported by Business in Vancouver.
The report highlighted Vancouver’s occupancy rate at 78.2 per cent, outperforming cities such as Calgary, Edmonton, Toronto, Ottawa and Montreal. The city also posted the highest average daily rate (ADR) at $285.21 and revenue per available room (RevPAR) at $223.09.
Edmonton’s growth and hotel transactions
While Vancouver led the market, Edmonton showed notable growth, with a 3.4 per cent increase in occupancy and a 10.2 per cent rise in RevPAR. Vancouver, on the other hand, experienced a slight 0.4 per cent decline in occupancy but saw a 6.6 per cent increase in RevPAR.
The report also noted a strong year for hotel transactions across Canada, with nearly $1.3 billion in deals recorded—a 46 per cent increase from the previous year and an 88 per cent rise compared with 2019. This marks the highest transaction volume since 2017, exceeding the 10-year average of $1 billion, even though the number of transactions (56) was lower than the historical average of 76.
Market outlook for 2025
Looking ahead, Avison Young expects a stable market in 2025, with moderate growth in both ADR and occupancy, provided economic conditions remain steady. A weaker Canadian dollar could also help attract more leisure and corporate travellers, benefiting the sector.
Overall, the Canadian hotel investment market remains strong, with continued interest from debt and equity participants. As income levels normalize across different property types, the report suggests that reasonable buyers and sellers will find favourable investment opportunities.
