Toronto Airbnb Hosts Earn $ 2.5 Million During Pandemic

Toronto Airbnb hosts who listed a property during the pandemic have made quite a bit of money over the past year – $ 2.5 million, to be exact.

According to Airbnb, new Toronto hosts who have listed only one property on the website since March 2020 are only responsible for about 0.25% of the over $ 1 billion similar hosts collectively have won in the world.

This information comes as a new global report on Airbnb Revenue was released on Wednesday, analyzing the global revenue of new hosts over the past year.

The report attributes this influx of new registrations and high incomes to the pandemic, both shifting consumer travel preferences to more local destinations and creating a need for places travelers can stay while feeling safe. security.

“The COVID-19 pandemic has sent travelers looking for safe and comfortable settings to connect with family and friends, creating an economic opportunity for others to earn the extra income they need by listing their homes on Airbnb, ”the report says.

The regions neighboring Ontario also recorded substantial gains. Airbnb hosts with only one listing at Blue Mountain took home $ 2 million. List hosts in the Bancroft-Madawaska area – a popular cabin destination – also brought in $ 2 million.

In British Columbia, the Vancouver hosts together took home $ 2.5 million.

The report shows that the actual salary per new Canadian host has averaged $ 2,400 since March of last year.

This additional income, however, “has provided a critical and urgent COVID social safety net to help stay afloat economically in these unprecedented times,” the report says. Surveys of hosts revealed that this money was often used to pay large bills.

South of the border, the average American list host has earned significantly more over the past year, taking in about $ 3,900. Hot states like California and Florida brought in the most money.

In Toronto, the City has toughened the rules for short-term rentals like Airbnb. New regulations for all short-term rental operators, introduced last year, require them to register their property and pay a $ 50 fee. According to the City, this was done as a “necessary first step to enable the City to effectively administer the new rules applicable to short-term rentals”.

Those who do not comply with the registration could face a fine of $ 1,000. Additional fines may be imposed for offenses such as advertising an unregistered property or renting a property on a short-term basis for more than 180 days.

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