WASHINGTON — Canada’s hotel average daily rate (ADR) and revenue per available room (RevPAR) were the highest for any year on record, according to CoStar’s 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
2024 (percentage change from 2023)
- Occupancy: 65.7% (+0.1%)
- Average daily rate (ADR): CAD208.71 (+4.3%)
- Revenue per available room (RevPAR): CAD137.17 (+4.4%)
“While ADR and RevPAR hit all-time highs, the country’s occupancy level was its highest since 2018,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. “RevPAR growth was strongest during the fourth quarter, bolstered by Taylor Swift shows in Toronto and Vancouver, but the country’s annual growth rate slowed in comparison with 2023. The softening in growth reflects weaker economic conditions as well as strong comparables from the year prior.
“Room rates once again outpaced inflation, while supply and demand were flat year over year. Increases in transient demand and weekday results signaled continued strength in business travel, counterbalancing weakness in group demand and flat performance on weekends.”
Among the provinces and territories, Manitoba recorded the highest occupancy level (69.0%), which was 4.1% below 2023.
Among the major markets, Vancouver saw the highest occupancy (78.2%), down 0.4% over 2023.
The lowest occupancy among provinces was reported in Prince Edward Island (54.7%), down 6.9% against 2023.
At the market level, the lowest occupancy was reported in Edmonton (+3.4% to 58.5%).
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Additional Performance Data
CoStar’s world-leading hotel performance sample comprises more than 86,000 properties and 11 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
This news release includes “forward-looking statements” including, without limitation, statements regarding CoStar’s expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that future media events will not sustain an increase in future occupancy rates. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2023 and Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2023, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Haley Luther
Communications Manager
+1 (216) 278 0627
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