Canada -  Vancouver Airport

For a comprehensive review of the Canada market, click below:
HVS In-Depth Canada Hotel Valuation Index:   2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013

VANCOUVER AIRPORT, Vancouver International Airport served more than 26 million passengers in 2019 with 50 airlines providing access to 125 destinations, including four airlines that are specifically dedicated to China. The airport is in Richmond, where immigrants from Asia make up 30% of the population and is a major west coast connection to the pacific rim countries. An increase in visitation from Mexico has been taking place since the Government of Canada eliminated visa requirements for Mexican travellers in December 2016.

The room supply has been relatively stable since 2013. However, the supply is projected to increase in 2020, and supply growth is expected to reach new heights in the coming years with several projects are proposed.  The strong performance of the market, as it has sustained strong year over year demand and rate growth, has attracted investors.  The value proposition of the market relative to downtown Vancouver that draws demand, also serves as a draw for investors. Land remains available, and transportation access to the metropolitan region is strong.

Vancouver Airport has thus far in the pandemic faired well, perhaps because of distress passengers, air crews, and resident guests who rely upon economy hotels for long-term accommodation/housing.  Nevertheless, the outlook for 2020 is grim and a market area that had sustained double digit gains in values for six years, will now undoubtedly see a decline in values in 2020. 

Demand will face an unprecedented decline and without the compression within the market, coupled with competition from across the metropolitan region for market share, rates will decline significantly.  This will have a lasting impact on values and the recovery from the current recession will last several years.

Change In Value For Market: ($CAD)

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

For more information, please contact:

Carrie Russell, AACI, MAI, RIBC, ISHC
[email protected]
  • +1 604 988-9743 (w)