Canadians Reportedly Made An Estimated Total Of $2.8 Billion On AirBNB And Short Term Rentals In 2018
Canadians made an estimated total of $2.8 Billion on Airbnb and other short-term rentals last year.
Based on recent numbers from Statistics Canada, Canadians made a total of $2.8 billion on Airbnb and other short term accommodations in 2018. The numbers come from StatsCan who released a paper today, estimating how much Canadians made off of private, short-term rentals, including Airbnb, from 2015 to 2018 in every single province.
Statistics Canada traditionally uses surveys to gather data like this, but in this case with short-term rentals, they used non-traditional methods like web-scraped data to come up with these estimated revenues. Not only did they discover the incredibly high revenue of Airbnb but they also found that in the past three years, this number rose by over 900%.
In 2015, the total estimated revenue of Airbnb and other short-term rentals was approximately $265,190,000. In 2018 this number had risen to $2,760,023,000. In simpler terms, that's almost $2.8 billion. The majority of that revenue came from Ontario, Quebec, and BC. In fact, Statistics Canada found that 90% of all the revenue from 2018 came from those three provinces.
Surprisingly though, while those provinces had the highest revenue from Airbnb and other short-term rentals they didn't have the biggest percentage of growth. Instead, that title actually goes to Nunavut.
In 2015, the estimated revenue from short term rentals in Nunavut was only $10,000. By 2018 this revenue was up to $715,000. That's a massive increase of 7050%.
Despite that huge growth, Nunavut is still the lowest earning province or territory when it comes to short-term rental revenue in 2018. The highest earning province was Ontario where their estimated revenue in 2018 was $909,421,000.
However, an Airbnb representative has responded to Narcity, disagreeing with the numbers presented by Statistics Canada. In an email statement, Airbnb's Lindsey Scully said "Tens of thousands of Canadians are embracing home sharing as a way to earn extra money and pay the bills and while we appreciate the interest in studying the home sharing community across the country, this report is based on inaccurate, scraped data provided by third-parties.”