(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: Over 80 competitors took part in 3D Archery Shoot

The event is hosted by the Salmon Arm Fish and Game Club

Girl, 9, out of ICU after carbon monoxide poisoning in Shuswap tent

Her mother who was sleeping in the same tent with her did not survive

Okanagan-Shuswap weather: Severe thunderstorm watch

Environment Canada forecasts thunder, cloud and rain for one more day

Osprey nest in downtown Salmon Arm will remain until new year

The powerlines around the nest have been de-energized so the birds can stay until spring

A 64-year-old dies while mountain biking in Blind Bay

Shuswap Search and Rescue came assist first responders at the scene

Police release photos of suspect in daytime sex assault at Vancouver woman’s home

A young woman, in hers 20s, was followed home by the man, before he violently attacked her inside

Raptors beat Bucks 100-94 to advance to franchise’s first-ever NBA Finals

Leonard has 27 points, 17 boards to lead Toronto past Milwaukee

Third person charged in death of B.C. teen Bhavkiran Dhesi

Inderdeep Kaur Deo facing charge of accessory after the fact to murder

Missing Shuswap teen found safe

The teen was found by searchers at 4:30 a.m. on May 25

Highway 1 closed east of Revelstoke

Highway 1 is closed east of Revelstoke near Canyon Hot Springs due… Continue reading

‘I think he’s still alive’: B.C. mom pleads for help finding son last seen a month ago

Family offering $5,000 reward for information leading to the safe return of Tim Delahaye

Okanagan woman celebrates 101 years young on the back of a Harley Davidson

Last Saturday Violet Madeline celebrated 101 years. A member of the Lower… Continue reading

New poll suggests one-third don’t want politicians to wear religious symbols

Local politicians shouldn’t be allowed to wear hijabs, crucifixes or turbans on the job, survey suggests

Raptors fans far from home adjust plans to watch pivotal playoff game

Raptors currently lead the playoff series 3-2, and a win Saturday would vault them into NBA finals

Most Read