The World Cup in Toronto was a success on the pitch, but off the pitch, it failed to live up to the hype, according to two local Airbnb hosts.
One host, who wished to remain anonymous, claimed that the city effectively ruined their business. "Our July would have been fully booked by now as we saw in the last several years, booked at 400-450 per night," they said. However, this year, they have not been able to command the prices that the city and Airbnb anticipated.
Another host, Matthew Collins, had a one-bedroom apartment room for rent in Mimico, a 20-minute bike ride from Toronto Stadium. He had expected a surge in interest, saying "you couldn't really have a better location for the World Cup than my place." However, very little interest was shown, with Collins eventually lowering his prices to $300 per night.
Collins had taken advantage of a $1,000 incentive program offered by Airbnb, which encouraged hosts to list their properties in Canada and attract guests before July 31. Despite this, he reported having no bookings for the first two weeks of July, forcing him to drop his prices to a typical base rate.
Even the city seemed to benefit from the World Cup, charging tourists a municipal accommodation tax of 8.5% until July 31, up from its regular 6% rate. However, the reality is contrary to the pre-tournament hype about the money to be made in the rental business.
A study prepared by Deloitte Canada found that hosting the World Cup could contribute $940 million in positive economic output in the Greater Toronto Area. However, this projection appears to have fallen short, with many hosts experiencing little to no interest in their properties.
One of the hosts, Collins, admitted to being taken in by the pre-tournament hype. "I bought into the hype too much and it was way overblown," he said. He also expressed frustration with the $390 municipal fee he had to pay the city as a short-term rental.
It seems that the World Cup may not have had the desired effect on the local rental market. Collins summed up the situation by saying, "If there is a World Cup here it doesn't really push the needle.
