A new study done by urbanMetrics shows Toronto’s home-sharing economy is providing a big boost to the city’s local economies through Airbnb guest stays.
According to the report, travellers who stayed with Airbnb hosts in Toronto spent $417 million in the city last year, generating an economic impact of almost $300 million.
“The benefits of Airbnb go far beyond everyday people sharing their homes,” said Chris Lehane, Airbnb’s Head of Global Policy and Public Affairs. “While home sharing offers Canadians a way to earn a little extra income to help pay the bills, one in three travelers said that they would not have stayed as long in Toronto had Airbnb not provided an affordable accommodation option.”
Economic Impact for Toronto
9,900 Number of Airbnb hosts in Toronto
450,000 Number of guest arrivals to the city in 2016
$292M The economic impact generated by Airbnb guest and host spending in Toronto
5,900 The number of spin-off jobs created for Ontario’s economy through home sharing in Toronto on Airbnb
“Spending by Airbnb hosts and guests is supporting jobs and generating new income for local neighbourhoods outside traditional tourist areas, who may not otherwise see the benefits of visitor spending.”
Peter Thoma, partner and researcher at urbanMetrics
In addition to Toronto, urbanMetrics studied Airbnb’s economic impact in other Ontario communities, including Sault Ste. Marie, Ottawa, Prince Edward County, and the Kitchener-Waterloo-Cambridge-Guelph region.
Economic Impact for Four Regions of Ontario*
$43 million Amount Airbnb guests in these regions contribute in spending annually to the Ontario economy
500 Number of full-time employment positions created in these regions through home sharing on Airbnb
$23 million Amount in labour income for Ontario’s economy from home sharing on Airbnb
*Indicates Airbnb activity in Sault Ste. Marie, Ottawa, Kitchener, Waterloo, Guelph, Cambridge, and Prince Edward County
The studies rely upon the Ontario Tourism Regional Economic Impact Model (TREIMS), which was developed on behalf of the Ontario Ministry of Tourism, Culture and Sport for the express purpose of measuring the impact of the Ontario tourism, hospitality and events sector.