Metro Toronto hotels in November were more occupied and more costly on average than those in Metro Â鶹´«Ã½Ó³»for the second month in a row, according to new data from CoStar, a global provider of real estate data, analytics and news.
Toronto and Â鶹´«Ã½Ó³»often flip back and forth in terms of being No. 1 or No. 2 for having the costliest and most occupied hotel rooms among major centres in Canada.
In July, Metro Â鶹´«Ã½Ó³»notched the record for having .
In September, Metro Â鶹´«Ã½Ó³»hotel rooms rates remained "head and shoulders above all the other markets," CoStar's national director of hospitality analytics, Laura Baxter, told BIV in November.
The average hotel room cost in Metro Â鶹´«Ã½Ó³»in September was $337, she said. It then fell to $253.75 in October and $233.48 in November, according to newer CoStar data.
Metro Toronto's average room rate in October was $256.91, and it jumped to $304.60 in November, likely in part because pop singing phenomenon Taylor Swift played six concerts in Toronto in November, Baxter told BIV yesterday.
Countless Swift fans, known as Swifties, followed the singer on her Eras tour, which is the highest grossing musical tour in history.
Swift would later play three concerts in Â鶹´«Ã½Ó³»in December but data for hotel room rates in December are not yet available.
Metro Toronto hotels also recently outperformed counterparts in Â鶹´«Ã½Ó³»for occupancy. In October, Metro Toronto hotels had a 79.6-per-cent occupancy rate, compared with 77.5-per-cent rate in Vancouver. In November, Metro Toronto hotels bettered Â鶹´«Ã½Ó³»for occupancy with a 76.4-per-cent rate, compared with 76.1 per cent.
"Strong occupancy and ADR (average daily rate) performance during Taylor Swift shows in Toronto was partially the reason that Toronto achieved the strongest metrics in November 2024," Baxter said. "November is also a strong conference month in Toronto, so hotel performance metrics are often higher in Toronto than Vancouver."
In the first 11 months of 2024 combined, however, Metro Vancouver's hotels were the costliest and most occupied, according to CoStar.
Baxter pinpointed Metro Vancouver's average hotel room rate in the first 11 months of 2024 at $283, with a 79-per-cent occupancy rate.
On a year-over-year basis for the month of November, Metro Â鶹´«Ã½Ó³»hotel rooms were more filled and costlier than they were in 2023.
In November, the average room rate of $233.48 in Metro Â鶹´«Ã½Ó³»was up by more than nine per cent from the $214.08 rate achieved in the same month in 2023. The Metro Â鶹´«Ã½Ó³»hotel-room occupancy rate in November, at 76.1 per cent, was 2.7 percentage points higher than in the same month in 2023.
High hotel prices and occupancy rates are why .
Cadillac Fairview has applied to the City of Â鶹´«Ã½Ó³»for a demolition permit to remove the current tower.
