A slowdown in revenue from AirBNB may be boosting the real estate industry in parts of Canada, such as Toronto and Vancouver. This is because the travel industry is not projected to recover quickly after the global pandemic settles down. Because people are not renting homes like the service offers, many AirBNB owners are beginning to sell their homes. This boost is already happening and is expected to continue to rise, particularly if there is a second wave of the virus.
- The coronavirus means that some AirBnB hosts might be selling later, boosting the real estate market.
- Travel is likely to take a long time to recover, with traffic right now down up to 90%.
- Toronto will likely see the most boost from AirBnB selling later this year.
“AirBNB helps homeowners take existing housing stock and convert it to short-term rentals.”