(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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Golden Bear Children’s Centre in Rossland secures five-year lease

The centre’s monthly lease will rise to $1000 by 2023

Trial of RCMP officer begins in Nelson’s Capitol Theatre

Jason Tait is charged with manslaughter after an incident in 2015

Nine new COVID-19 cases announced in Interior Health region

The total number of cases since the pandemic started is now at 531 for the region

Kaslo councillor admits to ‘baiting’ member of public in email exchange

Kaslo Village Council to consider adopting code of conduct

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

B.C.’s top doctor encourages Halloween costumes to include masks

Dr. Bonnie Henry will soon be releasing guidelines on how to safely trick-or-treat this Halloween

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

Horgan frustrated as Transport Canada mandate for BC Ferry riders returns

Transport Canada reinstates rule that bans passengers from lower decks

Reincarnation, baby! Music-making B.C. couple celebrate ‘miracle’ pregnancy

‘I (said) to Adam, ‘I really think this is your brother reincarnated,’ Elise Estrada says

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Survey finds doctors worry supplies of flu vaccine, PPE will lag demand

Canadian health officials have said additional flu vaccines have been ordered to meet expected demand

Search suspended for Indigenous elder last seen mushroom picking in northwest B.C.

Mushroom picker Thomas (Tommy) Dennis has been missing since Sept. 16

Ahead of likely second wave, 60% of Canadians relaxing COVID-19 measures

Proportion of Canadians following safety measures has dropped by 3 per cent in the past two weeks

Most Read