(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

Aldergrove Rotary Club adds its annual twinkle to downtown

Its a yearly tradition for club members to oversee the Christmassy light fixtures going up

Vancouver Giants fall to Spokane Chiefs

‘We are just having a tough time scoring right now’

Shortreed students and families treated to breakfast by teachers in Aldergrove

The Santa Breakfast is a festive annual tradition where kids get to meet Santa and eat flapjacks

What are Langley’s favourite Christmas traditions?

Share your family Christmas traditions with us for a special publication.

VIDEO: Brookswood lights up the night sky in Langley with family festivities

Local merchants organize annual holiday celebration

Campbell River mom’s iPhone containing priceless photos stolen from Victoria hospital parkade

The phone contained photos, heartbeat recordings of her late son

Miller nets winner as Canucks edge Sabres 6-5 in OT

Roussel, Leivo tally two apiece for Vancouver

‘Norovirus-like’ outbreak interrupts Bantam hockey showcase in Greater Victoria

Several athletes were sent home, quarantined on the ferry

Strong turnout of volunteers to search for missing senior

Ted Vanderveen disappeared in rural Maple Ridge on Nov. 28

$578: that’s how much your first distracted driving ticket will cost with recent premium hikes

Over 50 per cent of Canadians admitted to using phone while driving last year, according to study

SkyTrain strike to begin Tuesday with ‘full shutdown’, CUPE says

BCRTC president says job action is ‘completely unacceptable’ to use SkyTrain users ‘as leverage’

Kelowna man attempts to steal bait bike from RCMP parking lot

38-year-old Brian Richard Harbison is facing several charges

Owners of hotels on Vancouver’s Downtown Eastside fight $1 expropriation in court

Vancouver City Council voted to expropriate the properties for $1 each in November

Most Read