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It is shaping up to be a great year in Toronto tourism, according to Cushman & Wakefield's Q2 2017 Commercial Real Estate Cap Rates Across Canadian Markets report.
The C&W report found there had been an 11.3% rise in total hotel room revenue in the first half of 2017.
Vancouver, Montreal and Toronto’s room revenues experienced the most increase, with Toronto leading the way with an 11.8% upturn. There was a 3.7% rise in occupancy rates in the same three cities.
“The perception of Canada as an outstanding and safe tourist destination is clearly a drawing card within an ever more complicated global market,” the report said.
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"Lower energy costs have kept flight costs contained and a competitive Canadian dollar alongside celebrations of Canada’s 150th birthday and Montreal’s 375th are all contributing factors to an exceptional 2017,” the report went on to note.
On a national scale, year-to-date June results showed demand had grown by 2.9%, while the average room rate had climbed 4.7%, with much of the expected strong summer results yet to be recorded.
Also noted was a 5.4% spike in overnight international arrivals. Foreign investment has spurred Canada's hotel sales this year.
A great 2017 followed an equally strong 2016. The report found 19.9 million travelers were welcomed into Canada in 2016, the second-highest figure ever.
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