(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

PHOTOS: White Rock Renegades play at Softball City

The ‘04 and ‘03 White Rock Renegades both played in South Surrey Sunday

White Rock’s Lady Alexandra hearing date postponed

Lawyers are scheduled to sit before a judge this week

White Rock pride flag raising ceremony to be held Friday

Pride Society to host sold-out event the following day

Semiahmoo Rock alum to represent Canada at World Junior Lacrosse Championship

Jacob Dunbar plays for Port Coquitlam Saints of BCJALL

Two from Delta killed in two-vehicle crash near Golden

RCMP are investigating the cause of the crash

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Vancouver Island teens missing after vehicle found ablaze near Dease Lake, BC

RCMP say a body discovered nearby not one of the missing teens

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Japanese Canadians call on B.C. to go beyond mere apology for historic racism

The federal government apologized in 1988 for its racism against ‘enemy aliens’

B.C. VIEWS: NDP pushes ahead with Crown forest redistribution

This isn’t the time for a radical Indigenous rights agenda

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Most Read

l -->