Canada’s hotel performance was lifted by Taylor Swift’s Eras Tour as well as a calendar shift, according to November data from CoStar.
November 2024 (percentage change from 2023):
- Occupancy: 62.4 percent (+1 percent)
- Average daily rate: CAD196.25 (+9.7 percent)
- Revenue per available room: CAD122.46 (+10.8 percent)
“The November RevPAR increase was the highest for any month this year,” Laura Baxter, CoStar Group’s director of hospitality analytics for Canada, said in a statement.
“Taylor Swift’s Eras Tour was the main source of improvement in November, with downtown Toronto averaging room rates of $779 over the six-night period. These strong rates showed up in the national segmentation data as well, with transient and weekend rates growing 11.5 percent and 12.1 percent, respectively. Luxury hotels benefited the most, up 19.3 percent in the metric.
“Although the concert dates were the driver of overall performance, a monthly calendar shift also contributed, as there was one extra Friday and Saturday compared to 2023, with weekend rates 7 percent higher than weekdays.”
Top Markets
Among the provinces and territories, Ontario recorded the highest occupancy level (67.4 percent), which was 2.6 percent above 2023.
Among the major markets, Toronto saw the highest occupancy (76.4 percent), up 3.7 percent over November 2023.
The lowest occupancy among provinces was reported in Prince Edward Island (42.8 percent), down 9.1 percent against 2023.
At the market level, the lowest occupancy was reported in Calgary (-1.0 percent to 56.6 percent).
“Of note, the impact of Taylor Swift’s Vancouver shows will be visible in the December data, with the three-day ADR in the downtown submarket at a preliminary value of $1,204. The highest performance levels came on Saturday, Dec. 7, with room rates reaching $1,319, up 424 percent year over year. When combined with the 96 percent occupancy on that night, RevPAR reached $1,269, which was the highest RevPAR level on record for downtown Vancouver,” Baxter said.