Modelling presentations Vancouver lodge call for poised to exceed provide as early as 2026
To near the distance between present provide and projected call for, 20,000 new lodge rooms are wanted in Metro Vancouver via 2050; with 10,000 of the ones new lodge rooms essential simply in Vancouver.
In step with a brand new find out about Financial Research of Lodge Provide and Projected Call for in Metro Vancouver, 2023 to 2050, launched lately via Vacation spot Vancouver, with out new funding, the loss of lodge provide in Metro Vancouver will translate into important losses to the provincial economic system.
Between 2022 and 2050, the cumulative financial affects are projected to be:
- $30.6 billion in foregone output.
- $16.6 billion in forgone GDP.
- 168,000+ FTEs of foregone employment.
- $7.5 billion in foregone tax income for all 3 ranges of presidency.
“Metro Vancouver’s infrastructure isn’t maintaining in handing over on our international profile,” stated Royce Chwin, Vacation spot Vancouver’s President & CEO. “That is essential as a result of on our doorstep over the following few years are tennis’s Laver Cup, the Invictus Video games, subsequent yr’s Gray Cup and in 2026 we are a Host Town for the sector’s biggest unmarried recreation tournament, the FIFA Global Cup.”
If the provision of lodge rooms stays at present ranges, call for will exceed provide via:
- 2026: in the summertime months within the Town of Vancouver.
- 2028: in the summertime months in the remainder of Metro Vancouver.
- 2040: each month of the yr throughout Metro Vancouver.
Towns of a similar profile had been development new motels at a gentle tempo. On the identical time, Vancouver’s lodge provide has been contracting; Metro Vancouver is down kind of 2000 rooms since 2010, with 1500 of the ones rooms misplaced in Vancouver.
The pandemic got rid of an extra 550 rooms from town’s stock, with purchases via BC Housing and Town of Vancouver which transformed the ones rooms to supportive housing.
This is a matter Vacation spot Vancouver has recognized and has actively been running on for with regards to a decade. The precursor to this document (revealed in 2019) integrated projections from 2022 to 2030, which is now too quick a making plans horizon for building timelines.
The projections on this new document are consistent with the making plans horizons of the Vancouver Plan and the Broadway Plan.
The Town of Vancouver did move an intervening time lodge building coverage in 2018 however it is only a coverage observation. To make a tangible have an effect on at the lodge stock, considerable new funding is wanted, each to mitigate loss thru redevelopment and to inspire new building.
Present building programs and lets in for added lodge capability submitted to the Town of Vancouver are inadequate to exchange the losses. And the whole estimate of roughly 1,100 new rooms in rezoning, making plans, or allowing phases thru to 2026 is under no circumstances assured.
“That is the most important for our international vacation spot competitiveness,” says Chwin. “Loss of to be had lodge rooms will make visiting Vancouver much more dear, and town might be much less aggressive in attracting main meetings, huge wearing occasions and recreational workforce commute. Vancouver is working quick on time to arrange for the inflow of tourists and the commercial have an effect on they give a contribution to town. The ones guests will simply cross in other places.”
Record: Financial Research of Lodge Provide and Projected Call for in Metro Vancouver, 2023 to 2050. (PDF)
