Overview

• CBRE’s Q3 outlook projects RevPAR of $139 in 2025, $142 in 2026, and $144 in 2027 as growth decelerates but remains positive.
• Occupancy is forecast around 65–66% nationally, with ADR rising from $211 in 2025 to $216 in 2026 and $221 in 2027.
• Performance is highly uneven, with Vancouver leading on 2026 RevPAR at $232, followed by Toronto at $177 and Quebec City at $173.
• Montreal and St. John’s are expected to post stronger year-over-year gains, whereas Calgary and Saskatoon face modest declines.
• Room supply is set to expand by 0.7% in 2025, 1.5% in 2026, and 2.1% in 2027 as domestic travel and recovered airport traffic bolster demand but economic headwinds and fragmented short‑term rental rules add pressure.