The year 2021 was notable for renewed optimism and a gradual return to normalcy for many. While COVID-19 can be expected to continue impacting our lives and the Canadian accommodation market, the past year evidenced how quickly demand and the economy can begin to rebound.
In our 2021 Outlook, we had anticipated the beginnings of a recovery once vaccines had been distributed. This came to fruition in Q3, October, and November of 2021, with strong growth in demand and the beginnings of ADR recovery.
As the economy reopened and restrictions were loosened, many markets saw travel gradually return to near normal levels, fuelled by strong leisure travel, and pent up demand from groups and events that saw many delays and postponements in 2020 and early 2021.
Some markets saw signs of corporate travel returning in late 2021, while markets that rely on international travel and large-scale events, such as airports and major city centres, continued to lag the overall market.
This annual Outlook will recap the results for this past year, the timeline of the recovery, and emerging trends.