For a comprehensive review of the Canada market, click below:
HVS In-Depth Canada Hotel Valuation Index:
2025
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2024
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2019
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2018
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2017
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2016
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2015
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2014
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2013
The VANCOUVER AIRPORT market in Richmond is centered on Vancouver International Airport (YVR), located just south of the city of Vancouver. The airport registered 26 million passengers in 2024, making it the second-busiest airport in Canada. Over the past 15 years, Skytrax has named YVR the best airport in North America 13 times.
Historically, the Vancouver Airport market maintained some the highest occupancy rates in Canada, peaking at more than 80% before the pandemic. Although ADR and RevPAR are now reaching new highs, occupancy on an annual basis has yet to move past the 80% ceiling since the disruption from the pandemic.
Demand continues to grow across the market, but a modest correction in ADR is anticipated in 2025. This reflects the normalization of prices following a sharp spike in December 2024 driven by the three Taylor Swift Eras Tour concert dates.
Between 2025 and 2028, 1,044 rooms are scheduled to enter the Vancouver Airport market. Most of these rooms are slated to enter the market in 2027, representing a 12.2% increase over 2026.
The Vancouver Airport market is expected to finish 2025 with a per-key value of $348,900, which represents a 6.3% increase from 2024. Healthy growth is projected to continue, and the per-room value is projected to reach $415,700 in 2028.
The Vancouver Airport market is expected to finish 2025 in third position; however, it is expected to drop to fourth position in 2028 because the anticipated new supply will put a damper on the per-key value, and Victoria is projected to take over third place.
The Vancouver Airport market remains the highest-ranked airport market in the country, higher than both the Toronto and the Montreal airport markets. The HVI value is projected to increase from 3.54 in 2025 to 4.22 in 2028.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
ADR, Demand, Occupancy, RevPAR, and Supply Projections:
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| ADR Change
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| Market Demand Change
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| Hotel Occupancy Increase/Decrease
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| RevPAR Change
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0.0%
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0.0%
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0.0%
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0.0%
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| Market Supply Growth
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Change In Value For Market:
($CAD)
Legend
| Significant Value Increase:
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Greater than +10%
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| Moderate Value Increase:
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Between +3% and +10%
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| Stable Values:
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Between -3% and +3%
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| Moderate Value Decline:
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Between -3% and -10%
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| Significant Value Decline:
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More than -10%
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Vancouver Airport RevPAR Change
($CAD)
Vancouver Airport RevPAR
($CAD)
| Year |
RevPAR |
| 2006 |
$79.87
|
| 2007 |
$88.61
|
| 2008 |
$87.93
|
| 2009 |
$75.43
|
| 2010 |
$87.70
|
| 2011 |
$75.23
|
| 2012 |
$73.64
|
| 2013 |
$79.78
|
| 2014 |
$87.90
|
| 2015 |
$99.29
|
| 2016 |
$112.37
|
| 2017 |
$128.16
|
| 2018 |
$143.01
|
| 2019 |
$149.94
|
| 2020 |
$157.43
|
| 2021 |
$157.61
|
| 2022 |
$161.17
|
| 2023 |
$
|
| 2024 |
$
|
| 2025 (f) |
$
|
| 2026 (f) |
$
|
| 2027 (f) |
$
|
| 2028 (f) |
$
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