BC property group says incoming hotel price hike is due to Airbnb regulations
Short-term rental regulations are coming to BC this May, and while they will impact the number of Airbnb units you can rent, a property owners group fears they will also lead to a hotel price hike.
Property Rights BC, a group of homeowners who’ve been suggesting BC’s incoming regulations are too strict, suggests an increase in hotel prices this May is due to the regulations.
In a post on X, the group claims that hotel prices could skyrocket by 45% in Victoria and 25% in Vancouver. They also suggest that prices are actually decreasing in places where regulations don’t apply this May.
Another way to look at it: pic.twitter.com/D3gYGBxf9h
— PropertyRightsBC (@PropertyRtsBC) March 10, 2024
They’re calling it a hotel monopoly.
Hotel Price Data from Expedia on March 2nd 2024. The cost for a weekend stay before & after MAY 1 shows prices shooting up in communities where STRs will be removed from the available accommodation inventory. Victoria 45% ⬆️ Vancouver 25%⬆️ Kelowna 22% ⬆️ HOTEL MONOPOLY #bcpoli pic.twitter.com/QloLpu3zsP
— PropertyRightsBC (@PropertyRtsBC) March 10, 2024
Is the group accurate?
Using Expedia to book a hotel in Vancouver, we compared the first week of April to the first week of May this year. We selected one traveller and one room.
For the week of April 1, rooms at the Pinnacle Hotel Harbourfront start at $276. For the week of May 1, prices start at $439. It’s not just that hotel, though; it is basically every hotel in Vancouver.
There’s a minor increase for the first week of June compared to May, where prices go up to $454.
Another hotel, Sutton Place, has prices 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
First week of May:
Expedia
Various factors could lead to this price difference. For example, there may be more demand in May and June, which means more bookings.
We contacted Expedia, but they declined to comment on the increase in prices.
Regardless of whether it’s because of Airbnb regulations or not, it looks like it’ll be more expensive to book a hotel in May.