In the first quarter of 2017, the Canadian lodging market continues to fire on all cylinders with RevPAR growth outpacing 2016 growth. Alberta and Newfoundland are charting positive growth for the first time in three years!
The Niagara Falls, ON, region is seeing another record-breaking year in RevPAR growth. The rise in occupancy and average daily rate is expected to continue with the persistence of the weak Canadian dollar and the rise in US/international travellers.
This is a time of contrasts in the Canadian Lodging Market. Resource based markets are suffering due to low oil prices, however leisure markets, most particularly in Luxury and Resort markets are benefiting from demand induced by the low-oil Loonie.
The North American hotel industry is still firing on all cylinders, with year-to-date occupancies at an all-time high. While some markets face challenges from new supply, prospects appear healthy in the near term.