2021 Market Analysis: Vancouver Airbnb Property Management

Vancouver is uniquely nestled among the Pacific Ocean and the Coastal Mountain Range of Canada's west coast. Vancouver is a modern and diverse global city but that’s only the half of it. What makes Vancouver stand out is it’s green and vast backyard! They don’t call it “Beautiful British Columbia” for nothing.

How Strong is the Vancouver Tourism Industry?

The city has developed a thriving tourism economy for both leisure and business travel. Since Expo 86 and the Vancouver 2010 Winter Olympics, Vancouver has become a globally renowned city.

Pre-covid, the city attracted 11 million visitors per year. Primarily from other parts of Canada, the United States, China, Australia, and the United Kingdom.

In the pre-covid world, the city was annually hosting 280 cruise ships.

The Vancouver Airport (YVR) had 25.9 million passengers, in 2018, through its doors. The last 10 years, YVR, has ranked as the best airport in North America!

Of course the tourism industry has struggled as a result of Covid19 travel restrictions. Fortunately the province has done an amazing job flattening the curve. Which has been crucial for the recovery of the tourism economy.

Can I Operate an Airbnb Legally in Vancouver?

Yes! As long as you follow guidelines outlined by the City of Vancouver.

Recently Vancouver has regulated its short term rental industry to help create great neighbours and hosts. They are actively targeting and shutting down illegal rentals which is fantastic for those operating within the city bylaws.

Vancouver properties can be rented as a short term rentals as long as it’s your principal residence and applicable strata bylaws don’t restrict short term rentals.

Before starting your Airbnb, you will need to apply and receive a business license from the City of Vancouver.

How Many Vacation Rentals are in Vancouver?

According to Airdna, there are 3,560 active vacation rentals in the City of Vancouver! 45% of which are one bedrooms and 34% being two bedrooms.

The primary market place of these units is overwhelmingly Airbnb. 89% of the active rentals are listed on Airbnb alone.

This creates a fantastic opportunity for hosts smart enough to diversify their sales channels onto other marketplaces such as VRBO, Homeaway, Booking, and Expedia.

What Are The Best Vancouver Neighborhoods For Airbnb?

Vancouver is full of unique neighborhoods perfect for Airbnb properties. From the hip streets of Mount Pleasant and Kitsilano to the bustle of Coal Harbour and Yaletown, you'll find some truly great communities.

We’ve outlined some great neighborhoods for you to check out below. Included in the map is Coal Harbour, Commercial Drive, Downtown, Gastown, Kitsilano, Mount Pleasant, Cambie, the West End, West Point Grey, and Yaletown.

How Much Do Vancouver Airbnb Vacation Rentals Earn?

As a homeowner or an Airbnb property management company, you're probably wondering what is the financial opportunity in Vancouver?

Checkout our revenue estimates for Vancouver's short term rental industry, below!

Property Type Revenue Estimate
Studio Condo $28,000 - $42,000
One Bedroom $32,000 - $49,000
Two Bedroom $39,000 - $63,000
Three Bedroom $52,000 - $84,000

How Expensive is the Vancouver Housing Market?

As with most global cities, Vancouver is expensive. The city of Vancouver is only second to Toronto in terms of average home value as well as average rent.

The average home sold is $1.3 million CAD. Despite a drop of activity during Spring 2020, a result of Covid, the housing market has remained stable and activity has returned in force.

Over the last few years housing prices in Vancouver have soared to historic highs.

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