Mississauga has 3rd most expensive Airbnb rates in Canada
Published September 18, 2024 at 10:02 am
A new study found Mississauga has the third most expensive Airbnb rates in Canada.
The study, from financial advice website Money.ca, used Airbnb’s earnings calculator to determine how much people can earn by renting out an entire one-bedroom, two-bedroom, and three-bedroom property in Canada’s 50 most populated cities.
“This study offers an insight into which cities are most lucrative for Canadians to list their properties on Airbnb,” Kris Bruynson, VP, marketing and product at Money.ca, said in the report.
“Canada’s largest and most populous provinces, Ontario, Quebec, and British Columbia are also home to the most profitable cities for Airbnb hosts. Residents in these cities can conveniently earn extra income by listing their properties on Airbnb when they are going to be away.”
Unsurprisingly, Vancouver is Canada’s most expensive city for Airbnb tenants with the average income earned from a one-night stay at $325, according to the study.
Toronto is not far behind at $315 and Mississauga is a close third at $305 for an entire property.
The average cost of renting out a one-bedroom property in Mississauga is $218, and a two-bedroom property is an average of $292, the study found. This is the third-highest average cost for both categories.
The study found an average three-bedroom property in Mississauga would cost $405, the fifth-highest average cost in Canada.
Nearby, Burlington and Oakville averages are both $173 for an entire property per night.
The average for nightly costs for a one bedroom, two bedroom and three bedroom place in Oakville are $125, $166, and $228. While Burlington rates are at $128, $154, and $236.
Brampton is more affordable with an average of $156 for an entire property. The average nightly costs for a one bedroom, two bedroom and three bedroom place in Brampton are $108, $145, and $216, according to the report.
The most economical Airbnb rentals are in Durham Region. On average, Durham towns and cities are more affordable for Airbnb guests than Kingston, Windsor, St. Catharines, Hamilton, Oakville, Burlington, Milton and Brampton.
Money.ca used a list of the 50 most populated Canadian cities from Statistics Canada.
Then, Airbnb’s earnings tool was used to find the average earning potential for each location when renting out a private room, an entire one-bedroom property, an entire two-bedroom property, or an entire three-bedroom property.
Then, the average earning potentials for each location’s private properties were averaged together to get a final value, which is the basis for the final ranking.
Lead photo: InstagramFOTOGRAFIN