(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

West Kootenay rod and gun clubs slammed for animal-killing contests

Wildlife activists are targeting the club and two other B.C. organizations

Interior Health hospitals to serve more made in B.C. food

New initiative by the Ministry of Agriculture to serve more B.C. produced food in hospitals

Defiant vigil starts healing in New Zealand after massacre

Police say the gunman in the shooting that killed 50 acted alone

Temperature records dating back to 1947 broken in B.C.

The Squamish airport recorded the hottest temperature in the province (and Canada) on Sunday: 21.3 C

B.C. First Nations’ intake of essential nutrients could drop by 31%: study

Professors project the nutrient decrease by 2050 if climate change mitigation continues as is

Man enters unlocked B.C. home with knife, sexually assaults 22-year-old

Investigation ongoing after woman sexually assaulted in Greater Victoria early Sunday morning

Trudeau fills vacancy in cabinet with B.C. MP Joyce Murray

Murray, 64, was elected in 2008 and served previously as a minister in B.C.’s provincial government

Gunman kills 3 on Dutch tram; mayor says terror likely

Utrecht police release photo of 37-year-old man born in Turkey who is ‘associated with the incident’

Facebook announces changes to political advertising to meet new federal rules

Bill C-76 bans the use of money from foreign entities to conduct partisan campaigns

Travel expected to be slowed by fallout from fire at Toronto’s Pearson airport

All U.S.-bound flights from Terminal 1 were cancelled Sunday night after the fire broke out near a security checkpoint

Most Read