(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

Revelstoke citizens give feedback on 2019 draft budget

The public consultation period for the proposed 2019 budget has come to… Continue reading

Revelstoke girl and her toy monkey make videos on Facebook to fight negativity

Ava Ast created the Ava and Cello’s Good Deed Page earlier this month

Revelstoke will soon issue tender for Farwell Splash Park

The splash park should open this summer

Nova Scotia DJs playing Revelstoke Thursday night

Pineo & Loeb with Inc. Line is playing the Last Drop

Four skiers caught in avalanche in Glacier National Park Sunday

No one was buried but one was transferred to hospital

VIDEO: Sunny skies in the forecast makes for a great start to spring

Mostly sunny skies with a chance of rain by Friday evening in the Okanagan Valley

Small landslide closes Vernon road

City crews estimate Okanagan Bench Row Road will reopen at about 2:30 a.m.

Canucks hang on for 7-4 win over Senators

Horvat nets 2 for Vancouver

Kelowna RCMP tackle man in Glenmore area

A witness saw RCMP make an arrest on Valley Road just after 6 p.m.

European, Canadian regulators to do own review of Boeing jet

Air Canada plans to remove the Boeing 737 Max from its schedule at least through July 1

Give a hoot and don’t touch baby birds

SORCO raptor rehab reminds residents to stop before they touch baby bird

Prime minister defends Liberal budget measures as sales effort gets underway

Conservatives under Andrew Scheer say it’s a spree funded by borrowing against the future

Father, former child soldier, seeks better life for family in Shuswap

Salmon Arm volunteers begin fundraising effort to help family resettle in Canada

Most Read