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As the excitement builds for the FIFA World Cup, which will see Vancouver hosting seven matches from June 13 to July 7, and Toronto six matches from June 12 to July 2, many short-term rental hosts are facing unexpected challenges. Despite the anticipated influx of football fans, some property owners are reporting a dramatic reduction in bookings, leading to confusion and concern about the potential impact on their earnings.
A Surprising Lack of Bookings
For many, the World Cup was expected to provide a lucrative opportunity, with a surge of visitors clamouring for accommodation. However, hosts like May Chu, who has rented her Vancouver guest suite for three years, have yet to secure a single reservation during the tournament dates. “It is incredibly strange how there are no bookings,” lamented Chu. In previous years, her property was consistently filled during the summer, but now, even with a competitive nightly rate of £440, interest has been virtually non-existent.
Similarly, Shelby Lim, who owns a condo close to BC Place stadium, expressed bewilderment at the lack of demand. She noted that while her property was booked solid in the lead-up to the tournament, interest dropped sharply as the World Cup approached. “I was hoping to charge between £800 and £1,200 a night, but now I’m struggling to fill the calendar,” she explained, highlighting the financial strain as she had invested significantly in renovations.
The Challenge for New Hosts
First-time Airbnb host Matthew Collins, residing in Toronto’s Mimico neighbourhood, shares in this disappointment. Listing his one-bedroom apartment mere weeks before the tournament, he was hopeful about the potential earnings, which he planned to use for a staycation. Yet, with only a handful of inquiries and an added municipal fee of £390 for registration, he is beginning to doubt the viability of his rental. “My rates are competitive, but the market seems flooded with options,” Collins remarked, illustrating the unexpected saturation of the short-term rental market.
Airbnb’s recent incentive programme, which offered £1,000 for hosts in World Cup cities who secured guests before July 31, saw approximately 4,000 new hosts register in Vancouver and Toronto since October 1. However, the reality remains stark, with around 80 per cent of Toronto listings and 70 per cent of Vancouver ones still available at prices under £500 a night, according to Matt McNama, a spokesperson for Airbnb in Canada.
Hotel Industry Faces Similar Struggles
The challenges extend beyond private rentals; hotels in both cities are also reporting lower-than-expected occupancy rates. Destination Vancouver has indicated that hotel bookings are down 20 per cent in June compared to the previous year. Royce Chwin, the agency’s CEO, expects some improvements in the coming weeks, yet the demand for accommodation remains underwhelming. “It is a little slower than expected,” he stated, though he remained optimistic about an uptick as the tournament draws nearer.
In contrast to the soaring demand during other major events—such as Taylor Swift’s Eras Tour, which saw hotel prices spike dramatically—World Cup accommodation rates appear muted. For example, a downtown hotel room on June 13, the date of Vancouver’s first match, averages between £500 and £600—significantly lower than prices during the concert series.
Complications from FIFA’s Actions
Other factors have also contributed to the sluggish demand. Sara Anghel, CEO of the Greater Toronto Hotel Association, acknowledged that soft demand could be partly attributed to FIFA officials booking and subsequently cancelling numerous hotel rooms across the city. Additionally, other conferences and events have rescheduled to coincide with the World Cup, further complicating the accommodation landscape.
Andrew Weir, president of Destination Toronto, emphasised the importance of viewing the World Cup as both a short-term and long-term opportunity for the city. “Hosting this event is an enormous opportunity for our city,” he commented. “There is still a lot of potential to fill rooms, but whether we surpass previous Junes remains uncertain.”
Why it Matters
The current struggles faced by short-term rental hosts and hotels in Vancouver and Toronto raise significant questions about the broader implications of hosting large-scale international events. While the World Cup is a chance to showcase these cities on a global stage, the realities of the accommodation market reveal a complex interplay of demand, pricing, and competition. As hosts navigate this uncertain landscape, the potential economic benefits of such prestigious tournaments come under scrutiny, highlighting the need for strategic planning and adaptability in the face of shifting market dynamics.
