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The sharing economy continues to grow in Alberta

The sharing economy continues to grow in Alberta

Posted on: 10/5/2017 | Author: ATB Financial's Economics + Research Team

Tech companies like Uber have changed the way many of us interact with the cities we live in and the cities we visit. Another company is Airbnb. While tourism in the province is booming, many Albertans may be starting to use the sharing economy to take advantage of tourism’s success.

A recent CBRE study showed that both Edmonton and Calgary saw significant growth in the total number of Airbnb hosts. The number of multi-unit (two+) hosts increased 160 per cent in Edmonton from last year to this year. The number of hosts grew 107 per cent in Calgary. Revenues of hosting in both cities increased at similar rates and underscore tourism’s ongoing success in our province.

In terms of national ranking, Calgary ranked sixth of 11 Canadian cities in terms of total Airbnb units and seventh with respect to total Airbnb revenues. Edmonton was just behind Calgary in both categories (eighth and ninth). Montreal was ranked first when it came to total units and Toronto was first in terms of revenue.

Services like Uber and Airbnb have definitely changed the way people travel. But, the sharing economy is also creeping into business travel as well. That means that as Alberta’s economy recovers and as tourism continues to flourish, so too will Alberta’s sharing network.

Airbnb unit supply, graph

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