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Top Events and Airbnb Occupancy Rate in Toronto

Airbnb occupancy rate in toronto

Key Takeaways
  • Enhance your Toronto Airbnb hosting experience by leveraging the insights on Airbnb occupancy rate in Toronto! By understanding the average daily rate and booking lead times for major Toronto events, you can align your pricing strategy to attract more guests, increase Airbnb occupancy rate, and maximize your profitability.

Introduction

Toronto, Ontario, Canada is renowned for its vibrant tapestry of culture, cuisines, and traditions. The city’s multiculturalism and diversity are evident in the array of events Toronto offers throughout the year. Toronto is also a major economic hub, attracting businesses and industries from around the world. The city’s event calendar is filled with an abundance of options that residents and tourists alike can immerse themselves in the cultural fabric of Toronto.

In this blog post, we delve into Airbnb occupancy rate in Toronto, Airbnb pricing strategy, and essential insights on Toronto events to help hosts stand out in the highly competitive short-term rental market.

Is the Airbnb business profitable in Toronto?

A Toronto Airbnb business is definitely profitable! Earn C$42,618 in annual revenue with a 50% occupancy rate for 1-bedroom rentals. With an average booking lead time of 40 days and an average daily rate of C$117, your property is set to thrive in the bustling Toronto short-term rental scene.

Toronto’s lively cultural scene, major events, and diverse attractions attract a steady stream of tourists throughout the year. By capitalizing on this demand, Airbnb hosts have the potential to earn said substantial revenue. Hosts can strategically plan their pricing by considering factors such as the average booking lead time of 40 days and the average daily rate of C$117.

With the city’s vibrant and diverse atmosphere, combined with these enticing figures, we sure get the appeal. Hosting an Airbnb in Toronto is an irresistible venture and provides promising financial prospects for those seeking financial successes in the short-term rental market. 

If you plan to be a host in the city, familiarize yourself with the essential Airbnb rules in Toronto to ensure a smooth and compliant hosting experience. Discover the potential of rental arbitrage to overcome capital constraints and profit from the price difference between leasing a property and subleasing it on a platform, unlocking new opportunities for passive income generation.

Toronto Events Airbnb Hosts Should Take Not Of

As an Airbnb host, staying informed about these Toronto events is crucial for refining your Airbnb pricing strategy and maximizing your earning. In this comprehensive guide, we highlight the top Toronto events that every Airbnb host should take note of.

Discover how aligning your pricing with these events can attract more guests, increase airbnb occupancy rate in Toronto, and ultimately boost your profitability. From film and music festivals to comics and gaming events, these insights from our historical data will empower you to optimize your Airbnb pricing strategy and stay ahead of the competition.

1. Toronto International Film Festival
  • Attendees: 250, 000+
  • Where: TIFF Bell Lightbox, Downtown Toronto
  • When: September 9 – September 18, 2022
    • Occupancy Rate: 19.75%
    • Average Daily Rate: C$116.84
    • Booking Lead: 58 days

The Toronto International Film Festival (TIFF) evidently takes the spotlight as a major event that significantly impacts Airbnb occupancy rate in Toronto. With over 250,000 attendees, TIFF attracts a massive influx of visitors to Downtown Toronto, particularly around the TIFF Bell Lightbox venue. 

As an Airbnb host, this event presents an incredible opportunity to capitalize on the surge in demand. It’s crucial to plan ahead as the booking lead time for TIFF is around 58 days, allowing hosts to strategically set their pricing and optimize their listing to attract festival attendees seeking accommodations.

2. Fan Expo Toronto
  • Attendees: 140, 000+
  • Where: Metro Toronto Convention Centre
  • When: August 25 – 28, 2022
    • Occupancy Rate: 21.98%
    • Average Daily Rate: C$121.62
    • Booking Lead: 65 days

Fan Expo Toronto also emerges as a prominent event with a significant impact on Airbnb occupancy rate in Toronto. Drawing in more than 140,000 enthusiastic attendees, this event takes place at the Metro Toronto Convention Centre. 

Hosts can leverage this surge in demand to secure bookings and generate higher revenue. The average daily rate for Airbnb listings during Fan Expo Toronto is approximately C$121.62, offering hosts the potential for profitable returns. 

3. Toronto Comic Con
  • Attendees: 130, 000+
  • Where: Metro Toronto Convention Centre
  • When: March 18 – March 20, 2022
    • Occupancy Rate: 21.97%
    • Average Daily Rate: C$91.83
    • Booking Lead: 23 days

As an Airbnb host in Toronto, knowing about the high occupancy rate and demand during events like Toronto Comic Con can help you optimize your hosting strategy. With over 130,000 attendees, Toronto Comic Con brings a significant influx of visitors to the Metro Toronto Convention Centre. With an occupancy rate of 21.97%, this event presents a prime opportunity to attract guests and maximize your bookings. 

4. OktoberFest Toronto
  • Attendees: 40, 000
  • Where: Ontario Place, Lakeshore Blvd
  • When: September 30 – October 2, 2022
    • Occupancy Rate: 20.9%
    • Average Daily Rate: C$121.62
    • Booking Lead: 52 days

OktoberFest Toronto draws in 40,000 attendees, creating a surge in visitors at Ontario Place on Lakeshore Blvd. This event takes place from September 30 to October 2, 2022, with an occupancy rate of 20.9%. 

Armed with this valuable information, you can strategically adjust your pricing and availability to make the most of the increased demand during this period. 

5. Santa Claus Parade Toronto
  • Attendees: 500, 000
  • Where: Christie Prits along Bloor Street West to Front Street West
  • When: November 2, 2022
    • Occupancy Rate: 17.2%
    • Average Daily Rate: C$107.39
    • Booking Lead: 56 days

With a staggering 500,000 attendees, the Santa Claus Parade in Toronto is a massive one-day event that spans along Bloor Street West to Front Street West, attracting a significant influx of visitors. Taking place on November 2, 2022, the Santa Claus Parade exhibits an occupancy rate of 17.2%. 

Armed with this knowledge, you can strategically adjust your pricing and availability to capitalize on the increased demand during this festive period. Setting your average daily rate around C$107.39 enables you to offer competitive pricing and potentially generate higher revenue from your Airbnb listing. 

Given the 56-day booking lead time, it is crucial to plan ahead and optimize your listing, emphasizing its proximity to the parade route and creating a warm and inviting atmosphere to entice Santa Claus Parade attendees seeking convenient accommodations. 

Conclusion

It is evident that Toronto provides abundant opportunities for maximizing your Airbnb hosting experience, with the knowledge of key factors such as the Airbnb occupancy rate in Toronto. By leveraging the insights provided, including occupancy rate, average daily rate, and booking lead times for major Toronto events, you can fine-tune your Airbnb pricing strategy to attract more guests and boost your profitability.

Understanding the Airbnb occupancy rate in Canada allows hosts to gauge the demand for accommodations during specific events or periods in their target city. By identifying peak occupancy periods, hosts can adjust their pricing accordingly to capitalize on the increased demand and maximize their booking potential.

Being aware of the daily rate prevalent during these events will also provide hosts with a benchmark for setting competitive prices that appeal to potential guests while still ensuring profitability. Indeed, by staying proactive in adjusting their pricing strategy for Airbnb occupancy rate in Toronto based on the provided insights, hosts can position themselves for success. 

Whether it’s the prestigious Toronto International Film Festival, the exhilarating Fan Expo Toronto, or the festive OktoberFest Toronto, aligning your pricing with these events can make a significant impact on your Airbnb business. Stay ahead of the competition, optimize your earnings, and enjoy success in the vibrant world of Toronto vacation rentals.

Ensure accurate pricing for your STR unit by utilizing Airbnb Profit Calculator, a user-friendly tool, allowing you to determine if you are setting the right price!

Explore The Most Profitable Airbnb Locations in Toronto, Canada

Airbnb occupancy rate in toronto
Categories
Airbnb Investment All About Airbnb

Best Places to Airbnb in Ontario: A Guide to Investing in Toronto Real Estate

 best places to airbnb in ontario

Key Takeaways
  • The strong economy, thriving job market, and great quality of life in Toronto area allow many Airbnb hosts to generate a nice passive income from rental properties.
  • Explore the reasons why investing in rental properties in Toronto, Ontario, and nearby cities can become a financially rewarding experience.
  • Find out the most profitable neighborhoods and nearby cities in Toronto along with their recommended property types, gross rental yields, and respective Airbnb data. 

Introduction

At the western end of Lake Ontario, we can find the beautiful land of Toronto, the provincial capital and the most populous city in Canada. Recognized as one of the most multicultural and cosmopolitan cities worldwide, Toronto is an international center for business, culture and arts in the country.

Canada is the top short-term rental market in North America since it has some of the best cities to buy a rental property. Thus, most of its cities are certainly attractive for Airbnb investments such as Toronto where an Airbnb host can make up to C$2,599 monthly.

If you’re targeting to start an Airbnb business in Ontario, you may be wondering which areas are the most attractive for investment, right?

Here we feature the best places to Airbnb in Toronto, Ontario and nearby cities. You will also discover some of the perks of owning Airbnb investment properties in the city. Continue reading to learn more.

 best places to airbnb in ontario

Benefits of buying an investment property in Toronto, Ontario

Buying an investment property in Toronto, Ontario and surrounding areas can help investors to earn a good rental income that will ultimately allow them to achieve financial freedom. 

Toronto and some cities in Ontario offer profitable opportunities for real estate investors. But, you may still be wondering what advantages are offered by this location to real estate investors. Check out some of the major benefits that Toronto offers:

  • Healthy economy 

As the capital of business and finance in Canada, Toronto enjoys a strong and diverse economy with a thriving job market. In fact, the city is one of the top 10 global financial centers

Toronto is a city that’s steadily growing. It constantly invests in infrastructure to ensure a good quality of life for its residents. The city is also home to the largest startup ecosystem in the country. Many big corporations are headquartered here such as Facebook, Google, and Microsoft. Thanks to this, Toronto provides a healthy and diverse job market that invites more and more people to relocate to the city.

  • Thriving hub of education 

Toronto is not only a financial and business hub. It also offers a wide range of top-tier educational institutions, from schools to universities. 

There is a variety of great public and private schools throughout the city. When it comes to higher education, the city doesn’t lag behind because prestigious universities like the University of Toronto, York University, and Ryerson University are all located here.  

  • High quality of life 

If you’re looking to have access to high-quality amenities and career opportunities, then Toronto is the perfect choice for you. On top of that, it’s a clean city with low crime rates. These factors combined with its robust economy, great food scene, good education,  and reliable healthcare system allow the city to have a high standard of life. 

Toronto is also a multicultural and diverse city where you can find a wide array of ethnicities. You will find over 140 languages spoken here besides English, which is still the predominant medium of communication.

  • Leading tourist destination in Canada

Toronto offers a wide variety of attractions, music festivals, and also an amazing cultural scene that attracts a great number of visitors annually. In fact, if you ever aim to cater to tourist accommodations, you will be pleased to know that the city welcomes around 27M visitors annually.

Toronto has a lot of recreational activities to offer like museums,  public parks, art galleries, iconic neighborhoods, and top-tier restaurants. Moreover, the city hosts many sporting, musical, and cultural events throughout the year.

Is Airbnb Profitable in Toronto, Ontario?

Let’s cut to the chase! Airbtics confirms that Airbnb investment properties in Toronto and nearby cities in Ontario are certainly financially rewarding. In fact, Toronto is one of the Canadian cities with the highest average daily rates

While knowing that Toronto is a profitable city to target, investors should still bear in mind that the level of profitability depends on the property type and location.

According to Airbtics’ data, an average Airbnb host can earn up to C$45,576 with a median occupancy rate of 86% by operating a 2-bedroom property in Toronto. With over 7,081 Airbnb listings in Toronto, it’s certainly a catch for property investors! 

best places to airbnb in ontario

Best Rental Markets near Toronto, Ontario 

Toronto is one of the best cities for Airbnb Investment in Canada. But it has over 158 designated neighborhoods. If we consider the Ontario area in general, it has around 444 municipalities. Hence, it’s easy to struggle while choosing the right location for your income property in Toronto, Ontario.

But don’t worry! The best districts and nearby cities in Toronto, Ontario are featured below so make sure to check them out:

1. Fashion District, Toronto
  • Total Number of Airbnb Listings: 243
  • Best bedroom size: 1 bedroom
  • Median property price (1 bedroom): C$545,000
  • Airbnb Annual revenue: C$60,470
  • Gross rental yield: 11.10%
2. Kensington-Chinatown, Toronto
  • Total Number of Airbnb Listings: 166
  • Best bedroom size: 1 bedroom
  • Median property price (1 bedroom): C$475,000
  • Airbnb Annual revenue: C$52,399
  • Gross rental yield: 11.03%
3. Moss Park, Toronto
  • Total Number of Airbnb Listings: 187
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): C$629,900
  • Airbnb Annual revenue: C$64,157
  • Gross rental yield: 10.71%
4. Bay-Cloverhill, Toronto
  • Total Number of Airbnb Listings: 41
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): C$899,000
  • Airbnb Annual revenue: C$93,600
  • Gross rental yield: 10.41%
5. Little Tibet, Toronto
  • Total Number of Airbnb Listings: 115
  • Best bedroom size: 1 bedroom
  • Median property price (1 bedroom): C$479,000
  • Airbnb Annual revenue: C$44,532
  • Gross rental yield: 9.30%
6. Oshawa, ON
  • Distance from Toronto: 61 miles
  • Total Number of Airbnb Listings: 112
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): C$375,000
  • Airbnb Annual revenue: C$31,053
  • Gross rental yield: 8.3%
7. Hamilton, ON
  • Distance from Toronto: 68 miles 
  • Total Number of Airbnb Listings: 655
  • Best bedroom size: 1 bedroom
  • Median property price (1 bedroom): C$399,900
  • Airbnb Annual revenue: C$33,369
  • Gross rental yield: 8.34%
8. Kitchener, ON
  • Distance from Toronto: 107 miles 
  • Total Number of Airbnb Listings: 291
  • Best bedroom size: 2 bedrooms
  • Median property price (2 bedrooms): C$350,000
  • Airbnb Annual revenue: C$41,354
  • Gross rental yield: 11.82%
9. St. Catharines, ON
  • Distance from Toronto: 112 miles 
  • Total Number of Airbnb Listings: 218
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): C$429,900
  • Airbnb Annual revenue: $65,379
  • Gross rental yield: 15.21%
10. London, ON
  • Distance from Toronto: 192 miles 
  • Total Number of Airbnb Listings: 368
  • Best bedroom size: 3 bedrooms
  • Median property price (3 bedrooms): C$240,111
  • Airbnb Annual revenue: C$33,789
  • Gross rental yield: 14.07%

Conclusion

Toronto and the nearby cities mentioned are certainly profitable locations for buying rental properties since they offer high yearly revenue and occupancy rates. Thus, real estate investors can get great investment opportunities if they’re aiming for cities located in Ontario region. 

While knowing the best places to Airbnb around Ontario is an amazing way of starting your investment journey, you should still analyze your options carefully. Make use of the best analytics tools available in the market! For this reason, we recommend you to go ahead and check out our short-term rental income estimator which will greatly help you to boost your profitability! 

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