CBRE Hotels prepares annual industry outlooks for the Canadian accommodation industry. This release details CBRE's 5-year national outlook and the 2021 outlook for 13 Canadian major markets.
After a 59% decline in 2020, RevPAR is projected to increase by 16% in 2021. Demand growth is expected to come primarily from domestic leisure travel, driven by core major markets of Montreal, Toronto and Vancouver. Recovery is expected to ramp up in 2022, with a projected 39% RevPAR growth, as meeting/conference business and international arrivals return in earnest. The national accommodation industry is expected to return to 2019 levels by 2025.