(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

Qualicum Beach man arrested over racist incident at Tseshaht First Nation

Port Alberni RCMP said the man turned himself in

B.C. Ferries says Departure Bay-Horseshoe Bay sailings filling up fast

Tsawwassen-Duke Point may be a better alternative between June 4 and 7, says ferry corporation

Tla-o-qui-aht First Nation woman, 26, fatally shot by police in Edmundston, N.B.

Police were conducting a well-being check at the time of the incident

Vancouver Islanders gathering to rally for Black lives

‘To speak up, all you need is a voice and the will to be heard’

VIDEO: View Royal resident spots cougar in nearby backyard

B.C. Conservation notified about early Thursday morning sighting

March dental conference key to many of B.C.’s COVID-19 cases

Early infections from China, Iran were quickly contained

MAP: Dr. Henry reveals which B.C. regions have seen most COVID-19 cases

B.C. health officials release a first look at how the novel coronavirus has reached all corners of the province

No lifeguards this summer for some popular Island swimming spots, no swimming at all for others

Fears of risk to health and safety during COVID-19 pandemic partly to blame

No architect for Langford building ruled ‘unreasonable’ by B.C. Supreme Court

Legal action brought against City in 2019 for permit issued on Hoffman Avenue building

Number of property sales down by 40 per cent when compared to last year

Value of single-family home, condominium in Victoria up from last year despite pandemic

3 people found violating court imposed curfews in Cowichan

People are placed on curfews for a variety of public safety reasons.

Chilliwack dad rescues two young daughters after truck plunges into lake

“I used every single one of my angels that day,” said Dennis Saulnier

Seniors to receive up to $500 in promised COVID-19 emergency aid in early July

The Liberal government first promised the extra help in mid-May, but had to create a new system to deliver the aid

VIDEO: Revelstoke bear wanders into Animal House pet store

Staff got ready to chase it out with a broom

Most Read