As Toronto continues to build a reputation as a top global tourism destination, the cost of an overnight stay in one of the city’s Airbnb is going up, fast.
According to a new report from Luckey Homes, a property management service website, the average cost of staying in a Toronto Airbnb has risen 15 per cent in the last two years, and now sits at $178 per night. The number of residents choosing to rent out their homes has also risen dramatically, from just 38,369 in 2016 to 59,703 in 2018.
The service tracked the average cost of an Airbnb across the Toronto subway line, to discover which areas would cost travellers the most.
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While a night in an Airbnb in Summerhill costs an average of $257, while a stay near Warden station comes in at just $99.
Other top stations include Rosedale ($200 per night), St. Andrew Station ($203), and Union Station ($198).
“The prices per night gradually decrease as one moves further away from the Downtown core to the outer parts of Toronto,” reads the report. “[This information] is especially interesting in view of the rising tourism market in Toronto. In 2017, the metropolis broke a new record by welcoming more than 43 million visitors. The income generated by this tremendous increase in tourism was estimated at over $8.8 billion in 2017.”
While the cost of a night in an Airbnb in Toronto is pricier than some of its Canadian counterparts — the average cost per night in Montreal is $140, and $135 in Quebec City — Vancouver ultimately takes the top spot with an average of $235.
For a closer look at Toronto’s priciest areas for booking an Airbnb, check out Luckey Homes’ infographic below.