(Black Press Media)

Cash from short-term rentals in Canada spikes 940% in four years

In 2018, the short term rental industry brought in $2.8 billion across Canada

Are you noticing a bunch of new short term rentals in your neighbourhood? Well, it’s not just you.

The amount of money short term rentals bring in make has jumped up by 940 per cent, according to figures released by Statistics Canada Thursday.

In 2018, the short term rental industry brought in $2.8 billion across Canada, compared to just $265,190,000 in 2015.

Of the $2.8 billion total, $2.6 billion went to hosts while about $200 million went to hosting sites like Airbnb.

B.C., Ontario and Quebec accounted for nearly 90 per cent of 2018’s revenue, while Nunavut saw the fastest growth in short term rentals despite having only 715 in 2018.

In B.C., where short term rentals have come under scrutiny for lowering vacancy rates in the province’s already packed cities, the number of units rose from 92,020,000 in 2015 to 876,080,000 in 2018.

Popular short term rental site Airbnb began collecting eight per cent PST and the up to three per cent municipal and regional district taxes in 2018.

READ MORE: Rowdy vacation rental torments neighbour

READ MORE: B.C. cities want mandated business licences for short-term rentals

Across Canada, the number of days booked each year went up by 485 per cent between 2015 and 2017, up to 10 million from 1.7 million. Of those, about 65 per cent were for entire homes or apartments, while the others were for rooms.

On average, short term rentals were about about one-third the cost of hotel stays across Canada at $37 a night, compared to $95.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Kelowna artist featured on furniture

Shandra Smith’s work is now available on credenzas

Destructive blaze in West Kelowna fatal for cat

The fire at a West Kelowna condo claimed the life of one tenant’s cat

Man pinned under metal tank in West Kelowna

Emergency personnel are on the scene

Mudslide sends debris into Highway

Highway 33 near Joe Rich had mud spilled on the highway from the slide

Kangaroo Creek Farm hops into season

Lake Country’s popular tourist site has opened its doors for the season

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Bobrovsky perfect as Blue Jackets blank Canucks 5-0

Vancouver shut out for 10th time this season

Sock Hop aims to send dancers back to another time

Writers’ Festival fundraiser in Salmon Arm springs into step for another year

Fundraising campaign launched for man caught in SilverStar avalanche

In only two days, the GoFundMe surpassed its $15,000 goal

Terror at sea: Helicopter rescues frightened cruise passengers in Norway

The Viking Sky cruise ship was carrying 1,300 passengers and crew when it experienced engine trouble

DOJ: Trump campaign did not co-ordinate with Russia in 2016

Attorney General William Barr said special counsel “does not exonerate” Trump of obstructing justice

Trudeau in Vancouver to support Tamara Taggart at Liberal nomination event

The former broadcaster is seeking the nomination for the Vancouver Kingsway riding

Penticton SAR team helicopters injured climber to safety

A 30-year-old woman suffered a suspected lower-limb fracture in Skaha Bluffs Provincial Park

Kootnekoff: R v. Sidhu, was he asleep?

Driver in Humboldt crash wasn’t distracted at time of collision with bus,… Continue reading

Most Read