Canada is a country with stunning nature, forests, and lakes. British Columbia deserves special attention. It is a province in the western part of the country with an area of more than 900,000 square kilometers and a population of 4.7 million.
Real estate in British Columbia provides investors with a wide choice for successful investments. That is why the Airbnb business here is popular and growing rapidly. It is only important to find your niche and analyze your target audience and competitors. And also think about the maximum optimization of all routine processes. To do this, you can delegate part of the tasks to professionals in the field of Airbnb management (read more on hearthomes.ca).
Real estate in British Columbia provides investors with a wide choice for successful investments. So let’s figure out which locations will be the best for maximizing profits.
Best Cities in British Columbia to Invest in Airbnb Real Estate
Below is an assessment of the main cities in BC according to several important criteria. Please note that these descriptions are not exhaustive, so you should study the legislation for the selected location in detail.
The cost of real estate in this resort town is growing from year to year, and now it has completely skyrocketed. Due to its attractiveness to tourists, the potential for Airbnb business development in this city is extremely high.
- The number of real estate objects: 3,310 (29% apartments with one bedroom, 34% apartments with two bedrooms).
- Occupancy rate: 62%
- The average cost of housing in this resort, located near the Coast Ranges, is about $365per night.
On average, guests rent accommodation for 5-6 days, so professional cleaning services and other Airbnb management services are very popular here. The average annual income is $37,000 – 45,000 for studios, $44,000 – $50,000 for 1 bedroom,
$62,000 – $72,000 for 2 bedrooms, $75,000 – $95,000 for 3 bedrooms.
2. Sun Peaks
Sun Peaks is a famous ski resort, the second largest in Canada. Here are the mountains of Morrissey, Sundance, and Tod, with 137 slopes and 13 lifts. Sun Peaks is the heart of British Columbia’s ski tourism, attracting thousands of people every year.
However, rental licensing requirements in this region are quite complex. To obtain a business license, the owner should obtain a recommendation from neighbors, effective site management, and a ski in-out will be a plus.
- The number of real estate objects: 429 (41% apartments with two bedrooms, 23% with three bedrooms).
- Occupancy rate: 58%
- ADR (average daily rate): $361/night
The average annual income is $29,000 – 35,000 for studios, $30,000 – $37,000 for 1 bedroom, $37,000 – $45,000 for 2 bedrooms, $50,000 – $60,000 for 3 bedrooms.
Tofino is the tourism capital of Vancouver Island. The stunning nature attracts many people, which means that the tourism business here is rapidly developing. And the cost of short-term rentals has risen significantly in recent times.
However, there are logistical problems on the island. Communication with the mainland is carried out through a ferry crossing. The ferry ticket is quite expensive, and the trip will take about 3 hours. This is not very convenient.
The municipality of Tofino strictly controls Airbnb. Therefore, it is better to use the services of professional Airbnb managers who are familiar with the peculiarities of business development in this region. They will prepare everything necessary for obtaining a license and manage the property efficiently.
The Airbnb business in Tofino has a long-term outlook, but the situation remains difficult at the moment.
- Number of properties: 366
- Occupancy rate: 71%
- Average daily rate: $283/night.
The average annual income is $31000 -36000 for studios, $41,000 – $47,000 for 1 bedroom,
$42,000 – $48,000 for 2 bedrooms, $51,000 – $79,000 for 3 bedrooms.
Kelowna is attractive for tourists with lakeside recreation and winemaking. Various entertainments attract more than 2,000,000 visitors a year. And no wonder, because here you can not only taste more than 150 varieties of the best wine in Canada but also enjoy beautiful landscapes.
In addition, the city is distinguished by a convenient, developed infrastructure and many offers for renting real estate. The increase in the flow of tourists contributes to the emergence of more and more new hotels, hostels, and guest houses. The hosts offer their clients a vacation for every taste, so you should be creative
Airbnb in Kelowna is very popular, but be aware that in recent years the local government has imposed a 1% tax on vacation rentals. Be sure to take this figure into account when forecasting your income.
- The number of real estate objects: 803.
- Occupancy rate: 71%
- Average daily rate: $278/night
The average annual income is $22,000 – 25,000 for studios, $25,000 – $31,000 for 1 bedroom, $36,000 – $45,000 for 2 bedrooms, $60,000 – $65,000 for 3 bedrooms.
5. Cultus Lake
Cultus Lake is a real natural wonder. On the territory of this wooded mountainous area, there are many campsites, tourist areas, and beaches. It is here that a huge water park is located, the largest in BC.
Cultus Lake is an ideal place for family holidays, ecotourism, and beach holidays.
At the same time, the number of properties for rent during the holidays is not very large here, which means high rental prices and good prospects for the development of the Airbnb business.
- The number of real estate objects: 135.
- Occupancy rate: 65%
- Average daily rate: $126/night
The average annual income is $25,000 – $32,000 for 2 bedrooms, $35,000 – $45,000 for 3 bedrooms.
British Columbia is a real pearl of the tourism business, where nature is combined with developed infrastructure. Investing in an Airbnb business in this region can bring you success. But remember that it is important to take into account the peculiarities of each region and build the right business strategy. In this case, using the services of an Airbnb manager might be a great idea. In addition, you can delegate everyday tasks: cleaning the premises, creating beautiful photos for advertising, and purchasing consumables. Attention to detail is an important part of business development. Good luck!