Hotels continue to face significant challenges in 2021, due to the restrictions on non-essential international travel and stay-at-home orders (at the time of writing). Air travellers have also been required to spend three days in a designated hotel for quarantine, further discouraging inbound tourism.
While the demand for cottages in the countryside remains high, the overall short-term rentals market has been hit hard due to the lack of tourism arising from COVID-19 travel bans and restrictions. Many short-term listings in cities, which comprise a large part of the short-term rentals market, have moved to the long-term rentals market as demand has fallen sharply.
With most of the population receiving COVID-19 vaccination, consumers will first start travelling domestically. Pent-up consumer demand will have a positive impact on mid-market and budget hotels, which have traditionally been supported by domestic travellers.
Large players in short-term rentals, such as Airbnb, are likely to be adversely affected by tightening regulations at both federal and provincial level. The federal government plans to impose sales taxes on large technology corporations such as Airbnb over the next five years, the cost of which could be passed on to consumers.
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