By 2023, accommodation services revenue in Canada stood at CAD 30.71 billion. The sector showed steady growth from 2013 to 2019, peaking at CAD 27.03 billion before plummeting to CAD 16.98 billion in 2020 due to the pandemic—a shocking year-on-year decrease of 37.18%. Recovery was underway by 2021 with a 14.67% increase, and strongly rebounded in 2022 to 26.73 billion, showcasing a 37.33% rise. By 2023, the year-on-year variation was 14.87%, and the CAGR over the last five years is 4.11%.

Future trends to watch:

The forecast predicts a steady CAGR of 3.93% over the next five years, with anticipated growth bringing revenues to CAD 39.42 billion by 2028.
Factors like technological advancements in booking systems, the rise of sustainable tourism, and evolving consumer preferences will significantly influence market dynamics.
Monitoring economic indicators and potential disruptions, such as new health crises or travel restrictions, will be crucial for accurate forecasting and timely strategy adaptations.