As the second-largest country in the world, Canada can be an intimidating yet exciting place for investors and visitors alike. From historic cities and natural environments for those looking for an adventure to busy commercial centers, as well as for those looking to experience city life, there is something for everyone in the Great White North and it can be a daunting task to figure out where to purchase your next Airbnb property. Listed below are some of the best Canadian cities to expand your property management business into that will not only give your guests an unforgettable vacation experience but make good on your investment as well.
As with all things real estate, one of the key things to consider is location, location, location! It can be observed that some cities are more profitable than others when it comes to owning an Airbnb. This is mostly due to two reasons:
Niagara Falls, Ontario is located on the western bank of the Niagara River in the Golden Horseshoe region of Southern Ontario. In this region, the Niagara River flows over Niagara Falls, resulting in a beautiful natural spectacle, making it a bucket list destination for millions of tourists worldwide.
Active Rentals: 1047 Average Daily Rate: $174 Occupancy Rate: 45% Revenue: $1841
Located among the Coastal Mountain Range just north of Vancouver, Whistler surged to popularity after the 2010 Olympics and has since developed into a four seasons resort, despite being a ski resort destination. Some of the most popular events in all of Canada are hosted here including The World Ski and Snowboard Festival and Iron Man. With events being held almost every weekend most rentals and hotels in the vicinity are booked almost year-round.
Active Rentals: 2857 Average Daily Rate: $278 Occupancy Rate: 61% Revenue: $3514
Tofino, a quaint, picturesque surf town located on the Western Coast of Vancouver Island is one of Canada’s Top Vacation Destinations. With only as few as 365 active rentals in the area and things to do throughout the year, Tofino allows property owners in the area to be booked for most of the year (82% occupancy rate).
Active Rentals: 365 Average Daily Rate: $284 Occupancy Rate: 82% Revenue: $5253
Located in the heart of British Columbia’s sun-drenched Okanagan Valley is the city of Kelowna. Kelowna is a popular vacation spot year-round thanks to its world-class vineyards, amazing weather, interesting food scene, pristine beaches, and even a couple of ski hills.
Active Rentals: 1432 Average Daily Rate: $213 Occupancy Rate: 72% Revenue: $2693
Quebec is the eastern province of Canada and constitutes nearly one-sixth of Canada’s total land area making it the largest of Canada’s provinces. Local and international guests are attracted to the french influence of the city. Additionally, there are many major events and festivals hosted throughout the summer and winter months that can keep your holiday rental occupied.
Active Rentals: 1693 Average Daily Rate: $121 Occupancy Rate: 64% Revenue: $1652
Canmore, one of the top Airbnb markets in Canada is beautifully surrounded by the Rocky Mountains. An underrated short-term rental community Canmore is less popular than its neighbor Banff. However, local regulations make local regulations illegal in Banff making Canmore an ideal spot for your next Airbnb.
Active Rentals: 1798 Average Daily Rate: $207 Occupancy Rate: 67% Revenue: $3196
Vancouver is situated on Canada's west coast, between the Pacific Ocean and the Coastal Mountain Range. It is a contemporary, culturally diverse city, but that only makes up half of it. Vancouver really stands out because of its huge, lush backyard! Its nickname, "Beautiful British Columbia," is not an idle one.
Active Rentals: 3468 Average Daily Rate: $150 Occupancy Rate: 81% Revenue: $2,127
Montreal is renowned for its culture and nightlife. It is without a doubt the most budget-friendly glamour city in Canada. The best French cuisine and French culture may be found here if you desire a European flavor to everyday Canadian living. Quebec has housing costs that are significantly lower than the national average in addition to other money-saving benefits like universal childcare that is reasonably priced. Families in Montreal keep housing and childcare costs down, freeing more cash for recreation and travel.
Active Rentals: 7595 Average Daily Rate: $106 Occupancy Rate: 67% Revenue: $1294
With a population of 136,000, Kingston is a quaint city in Eastern Ontario that is about two hours from the closest US border. It has a strong "college town" feel to it as it is home to Queen's University and a few other post-secondary institutions.
Although Kingston is one of Ontario's most affordable cities, its location is what sets it apart. It is conveniently located 2 hours from Toronto and a similar distance from the US border. Kingston is an excellent area to invest in one or more rental homes for college students.
Active Rentals: 276 Average Daily Rate: $124 Occupancy Rate: 77% Revenue: $1750
On the Detroit River, right across from the US metropolis of Detroit, is Windsor. Windsor is not just one of Canada's economic cities, but it's also an excellent place for travelers or people who work in the US because it's so close to a significant US city. It would be fantastic to target business travelers as a result. For a very long time, Windsor has had one of the best job markets in the nation.
Active Rentals: 303 Average Daily Rate: $106 Occupancy Rate: 64% Revenue: $1072
The Canadian real estate industry is still expanding at a fast pace and does not appear to be slowing down. Consider some of the lesser-known hidden gems shared here whether you're interested in purchasing a home for yourself or as an investment property. If you are looking to expand your property management business consider Hostaway. Request a free demo to find out how we help property managers all over the world.