Canada -  Victoria

VICTORIA, the city named after Queen Victoria, is the capital of British Columbia. It relies heavily on the public sector, which supports one-third of jobs in the region and contributes to one-fourth of economic activity.

The city’s GDP is expected to grow by 2.6% this year, which is slightly ahead of the 2.5% GDP growth experienced in 2018.

Since 2013, the market-wide ADR has been increasing at a strong pace. The strongest increase of 10.1% was registered in 2018. The 180-room Harbour Towers Hotel closed in late 2017, and no new supply is expected to enter the market to compensate for the loss of rooms until 2020. Demand is expected to decline by 4.0% this year given a decrease in demand from China, but gradual increases are projected over the next three years. In this context, the occupancy is poised for a decline this year but is then expected to remain stable for 2020 and 2021, and an increase is projected for 2022. The RevPAR is projected to decline in 2019 but then rebound in 2020. The ADR is expected to increase gradually and cross the $200 mark in 2021.

The outlook for this market is positive. The per-room value is estimated to be $202,700 in 2019, and it is projected to reach $251,200 in 2022. Since 2013, the market has sustained consistent value growth of almost 15% per year. The Victoria market is projected to have the fifth highest per-room value in the rankings in 2022, up one place from 2017.

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%

Victoria RevPAR Change ($CAD)

Victoria RevPAR ($CAD)

Year RevPAR
2006 $84.94
2007 $91.50
2008 $87.67
2009 $78.67
2010 $76.17
2011 $75.30
2012 $73.74
2013 $80.70
2014 $89.02
2015 $96.83
2016 $107.22
2017 $116.65
2018 $132.33
2019 $130.94
2020 (f) $135.46
2021 (f) $137.16
2022 (f) $142.57

For more information, please contact:

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