Canada -  Vancouver Airport

VANCOUVER AIRPORT is only 25 minutes away from Vancouver Downtown thanks to the SkyTrain Canada Line, which opened in 2009. Vancouver International Airport serves more than 24 million passengers annually with 50 airlines and 125 destinations. Three airlines are dedicated specifically to China, and a fourth is set to begin service in 2019. The airport is located in Richmond, where immigrants from China make up 30% of the population. 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 either stable or in decline since 2013. At the same time, demand has grown steadily with the inauguration of new destinations and the expansion in air capacity at the airport. This has put upward pressure on room rates. The market-wide ADR is expected to increase at an especially strong rate of 12.5% in 2018. Since 2014, the RevPAR has grown by double digits in each year. However, a slight slowdown is projected for 2019 because the 110-room Opus Hotel will open in July of that year. The only other new supply facing the market is the 313-room dual-branded Residence Inn/Courtyard by Marriott that is slated to open in June 2021. The market is expected to immediately absorb this new supply—the market-wide occupancy is projected to remain above 80% throughout this period.

In this environment, the value per room continues to register strong gains. The per-room value surpassed the $200,000 mark in 2017, having realized an increase of 21.9% over the previous year, which is stronger than the increase of 17.6% that had been projected in the previous HVI report. Moreover, the value per room is projected to exceed $300,000 by 2020, supported by steady double-digit growth each year.

The Vancouver Airport lodging market was third in the value rankings in 2017, and it is projected to remain in this position as of 2021.

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%

Vancouver Airport RevPAR Change ($CAD)

Vancouver Airport RevPAR ($CAD)

Year RevPAR
2006 $79.86
2007 $88.56
2008 $87.92
2009 $75.49
2010 $87.74
2011 $75.23
2012 $73.64
2013 $79.78
2014 $87.94
2015 $99.29
2016 $112.37
2017 $128.16
2018 (f) $144.14
2019 (f) $157.01
2020 (f) $164.66
2021 (f) $168.43

For more information, please contact:

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