Short-term rental regulations went into effect in B.C. in May, impacting the number of units available for rent on Airbnb, and property owners’ groups fear it could also lead to higher hotel prices.
Property rights BCA group of homeowners who have suggested that B.C.’s future regulations are too strict are blaming them for hotel rate increases in May of this year.
In a post on X, the group claims hotel prices could rise by 45 per cent in Victoria and 25 per cent in Vancouver. They also suggest that in May this year, prices actually fell in areas where restrictions did not apply.
Another view: pic.twitter.com/D3gYGBxf9h
— PropertyRightsBC (@PropertyRtsBC) March 10, 2024
They call it a hotel monopoly.
Expedia hotel price data as of March 2, 2024. Prices for weekend stays around May 1st indicate price increases in areas where his STR will be removed from the inventory of available accommodation.Victoria 45% ⬆️ Vancouver 25%⬆️ Kelowna 22% ⬆️ Hotel Monopoly #bcpoly pic.twitter.com/QloLpu3zsP
— PropertyRightsBC (@PropertyRtsBC) March 10, 2024
Is that group accurate?
I used Expedia to book hotels in Vancouver for the first week of April and the first week of May this year. We chose her one traveler and her one room.
Room rates at Pinnacle Hotel Harbourfront for the week of April 1st start at $276. Prices start at $439 for the week of May 1st. However, it’s not just that hotel. Basically every hotel in Vancouver has it.
The first week of June sees a slight increase compared to May, with prices rising to $454.
Another hotel, Sutton Place, is listed at $280 per night for the first week of April, compared to $460 for the first week of May.
First week of April:
Expedia
1st week of May:
Expedia
Various factors can lead to this price difference. For example, May and June are likely to be in higher demand and will have more reservations.
We reached out to Expedia, but they declined to comment on the price increase.
Whether it’s because of Airbnb regulations or not, it’s going to be expensive to book a hotel in May.
