Canada’s hotels enjoyed a remarkable summer in 2024, reaching their highest occupancy levels in six years. According to data released by CoStar, a leading provider of real estate information and analytics, August 2024 saw a significant surge in hotel occupancy across the country, marking a strong recovery for the industry.
Nova Scotia emerged as the top performer among Canadian provinces, boasting an impressive occupancy rate of 89.6%. This represents a 4.2% increase compared to August 2023. Vancouver, a major tourism destination, also saw a positive trend with an occupancy rate of 87.6%, a 1.0% year-over-year increase.
While the majority of provinces experienced growth, Saskatchewan reported the lowest provincial occupancy at 66.6%. However, even Saskatchewan saw a 3.0% gain over 2023. At the city level, Edmonton had the lowest occupancy at 71.6%, but it witnessed a notable increase of 7.1% from the previous year.
These positive figures highlight the resilience and recovery of Canada’s tourism industry. The strong performance in August 2024 suggests a sustained demand for travel and a promising future for the hotel sector. With a robust and comprehensive real estate database, CoStar provides valuable insights into market trends and performance, enabling industry stakeholders to make informed decisions in this dynamic environment.
