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Canada’s lodge efficiency fell barely from the earlier month however surpassed the 2019 comparables, in accordance with STR‘s January 2023
information.
January 2023 (proportion change from 2019)
- Occupancy: 50.7% (+0.3%)
- Common each day charge (ADR): CAD167.96 (+14.0%)
- Income per obtainable room (RevPAR): CAD85.11 (+14.2%)
“Canada’s lodge trade began off the yr on a excessive word, as efficiency got here in above the 2019 benchmark,” mentioned Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the dad or mum firm of STR. “Regardless of downward strain on family disposable incomes, tourism spending remained elevated,” Baxter mentioned. “Folks have chosen to prioritize experiences, together with lodge stays, evidenced by transient demand that was 9% above the pre-pandemic comparable and confirmed no indicators of pullback from the latter half of 2022. In the meantime, group demand got here in 14% under 2019 ranges however is anticipated to select up momentum all year long as extra typical patterns begin to emerge and the trade advantages from occasions happening that have been cancelled earlier within the pandemic.”
Among the many provinces and territories, Manitoba recorded the best January occupancy stage (64.3%), which surpassed the pre-pandemic comparable by 20.9%.
Among the many main markets, Vancouver reported the best occupancy stage (63.9%), which was 1.3% behind 2019.
Prince Edward Island (36.3%) noticed the bottom occupancy amongst provinces, up 14.1% in opposition to 2019. On the market-level, the bottom occupancy was reported in Edmonton (43.2%) which was 6.4% under the 2019 comparable.
“Sometimes, room demand declines in a recession, however STR’s newest forecast tasks development in 2023 with additional demand rebound throughout all segments anticipated to push occupancy consistent with the 2019 benchmark,” mentioned Baxter. “The belief that Canada will enter a reasonable recession this yr stays constant, with GDP contracting 1.3%. The majority of ADR restoration came about in 2022, however with the trade laser-focused on the advantages of robust room charges, the forecast is about for the metric to stay forward of 2022.”
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