Corporate Housing Expected to Grow in Canada
Canadian corporate housing is part of a $2.49 billion industry in North America. Canadian corporate housing industry was estimated to generate room revenues of $169 million annually.
The average rate increased across Canada while several factors decreased last year such as occupancy, available units and average length of stay. With 4,567 units reporting, the Canadian corporate housing industry was estimated to generate room revenues of $169 million annually. Given the level of participation, experts believe the overall share of lodging revenues is much greater than that estimation.
“The research on the industry in Canada is still young as compared to the data available on the US market, which has been compiled for over a decade now,” says CHPA’s Canada Chapter President, Jeffrey Brookhouser of Premiere Executive Suites. “As corporate housing, or also known as executive suites, continues to evolve in Canada, the awareness and use of these services will increase.”
Respondents reported that the Canadian market is expanding and they expect close to a 15% increase in units in 2012 compared to 2011. In addition, the Canadian corporate housing average rate rose sharply in 2011 to $127.01. This was a bigger increase than in the US; however, the Canadian average rates are close in value to the US because US and Canadian dollars are near parity.
The average length of stay in Canada was 66 nights in 2011, down from 80 nights in 2010. A contributing factor to the decline was the 2010 Winter Olympics in Vancouver which resulted in an influx of long term stays. Also outside of Vancouver, there was a trend towards shorter stays, perhaps in response to rate increases.
In addition to statistics for the Unites States, the report addresses several markets in Canada in more detail. The Corporate Housing Industry Report – 2012 reported statistics for Toronto, Calgary, Vancouver, Ottawa and Other Areas.
The numbers at a glance:
The Canadian market represents $169 million of the total $2.49 billion market annually.
Canadian occupancy declined to 80% in 2011 compared to 81% in 2010.
Canadian corporate housing average rate increased 15% in 2011 to $127.01.
Based on the market statistic collected, the Canadian corporate housing market is estimated at approximately 4,567 units.
Canadian corporate housing provider companies project as much as a 15% increase in units in 2012 compared to 2011.
The complete report is available complimentary to members of the media. CCHPA representatives are available for comments regarding the data and its application to the corporate housing industry. Please contact Amanda Cook, email@example.com or (317) 328-4631 for more information on interviews and article opportunities.
The Canada Chapter is a part of the Corporate Housing Providers Association (CHPA). CHPA is the only trade association dedicated exclusively to the corporate housing industry. The association continually strives to uphold the highest standards in business and professionalism; provide valuable insight, knowledge and resources to the industry; and increase visibility among related industries. Along with networking, education, certification, and information sharing, CHPA members grow their business and expand their reach through an international network of partners. Find out more about corporate or furnished apartments at www.chpaonline.org.
Project/training is the largest single reason for using corporate housing in Canada.
The supply of units in Canada was estimated at 4,567 in 2011. Respondents reported that the Canadian market is expanding and they expect close to a 15% increase in units in 2012 compared to 2011.
Canadian corporate housing average rate rose sharply in 2011 and was a bigger increase than in the US. Canadian average rates are close in value to the US because US and Canadian dollars are near parity.