(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

Magnetos Car Club ready to shine at annual car show and cruise

For the 19th year in a row, featured cars will line Main Street on June 8th

Music in the Park kicks off in June

In just a few short weeks, great tunes will be heard in West Stettler Park

Ellis Bird Farm opens 2019 with book unveil of Charlie, Winnie and the Bluebirds

Site Manager Myrna Pearman documented the history of central Alberta’s natural treasure

Popular downtown initiative bolsters Stettler Food Bank donations

Wells Furniture and Brenda’s Cozy Cafe are gearing up for the third annual Food Bank Drive May 29th, 30th and 31st

‘Stop Order’ issued to Paradise Shores

According to the County, staff will continue to communicate and work with the developer

Killer of Calgary mother, daughter gets no parole for 50 years

A jury found Edward Downey guilty last year in the deaths of Sara Baillie, 34, and five-year-old Taliyah Marsman

Body of missing snowmobiler recovered from Great Slave Lake

Police confirm the body is that of one of three missing snowmobilers

Is vegan food a human right? Ontario firefighter battling B.C. blaze argues it is

Adam Knauff says he had to go hungry some days because there was no vegan food

Winds helping in battle against fire threatening northern Alberta town

Nearly 5,000 people have cleared out of High Level and nearby First Nation

Federal government funds millions to help B.C. police spot drugged driving

Many police departments have expressed wariness about using the only government-approved roadside test

Judge: Mississippi 6-week abortion ban ‘smacks of defiance’

The new law would prohibit most abortions once a fetal heartbeat can be detected

Justin Trudeau credits immigration for Canada’s growing tech sector

Trudeau stressed that Canada has become a major source of talent for tech all over the world

Feds launch tourism strategy designed to boost sector 25 per cent by 2025

The fund is supposed to back experiences that show off Canada’s strengths

Growing wildfire prompts evacuation of High Level, Alta.

Chuckegg Creek fire has been burning for several days, but grew substantially Sunday

Most Read