AirDNA ranks the largest Airbnb markets in Canada based on total revenue, highlighting where guest demand, active listings, and earnings are strongest. We reveal where Airbnb activity is most concentrated and what that means for investors.

Toronto, Montreal, and Whistler lead Canada in Airbnb revenue, demand, and active listings.

The top 10 Airbnb markets in Canada generate 50% of national short-term rental revenue.

Smaller markets like Muskoka and Mont-Tremblant earn big with fewer listings and high nightly rates.

If you’re looking to invest in an Airbnb in Canada, one of the smartest moves is to start where the money’s already flowing. From urban powerhouses to high-yield cottage markets, this list reveals which destinations are leading the way in short-term rental revenue—and why.

Drawing on a full year of data, this ranking spotlights the top Airbnb cities in Canada based on total revenue, not just popularity (captured through demand) or listing count. That means you won’t just see where the most rentals are located, but where they’re actually earning the most.

Some results are expected (hello, Toronto), while others might surprise you. What emerges is a clear picture of where short-term rental markets in Canada are thriving and where guests are putting their money.

AirDNA’s powerful yet easy-to-use tools make hosting and investing a breeze. This means having every insight you need, all in one place, always up-to-date.

How We Defined the Largest Airbnb Markets in Canada

Short-term rental market size isn’t just about how many listings a city has, it’s about how much economic activity those listings generate. With that in mind, we ranked each location by total revenue generated between April 2024 and April 2025 to determine the top Airbnb cities in Canada by size.

Why revenue? Real earnings gives us a more meaningful view of a market’s impact. A city with a large number of listings but low occupancy—or one with high demand but limited supply—might look active on paper but may not perform well financially. Revenue combines both guest interest and a market’s ability to meet that demand, making it a reliable measure of scale and performance.

Alongside revenue, we also analyzed total demand nights and average active listings to round out the picture. While some cities like Toronto and Montreal score consistently high across all three metrics, others—like Calgary or Muskoka—show noticeable gaps between guest demand and actual revenue, suggesting oversupply in the former and potential underperformance in the latter.

Ultimately, these rankings focus on where short-term rentals are making the biggest economic contribution in Canada, not just where they’re popular or plentiful. Our data-backed insights shed light on the most financially active Airbnb cities across the country.

Top Airbnb Cities in Canada Based on Size

The rankings, which we get into below, provide some big-picture takeaways worth considering.

Canada’s short-term rental landscape is top-heavy. The top 10 largest Airbnb markets in Canada account for 50% of all national STR revenue, and the top 20 push that figure up to 60%. In contrast, 91 of the top 100 markets generate less than $60 million annually, highlighting how concentrated revenue is among a select few cities and resort regions.

Among the top performers, the rankings are strikingly consistent. The first eight markets—led by Toronto, Montreal, and Whistler—show little variance across revenue, demand, and active listing count. This consistency reinforces their status as Canada’s most stable and well-rounded short-term rental destinations.

One notable exception is Ottawa, which ranks ninth for both demand and listings, but falls to 18th in total revenue. This gap suggests that while the city sees consistent booking activity, lower average daily rates may be holding back its revenue potential, making it a possible underperformer relative to its guest volume.

From a geographic perspective, the rankings reflect a blend of urban powerhouses and nature-based escapes:

Major metros like Toronto, Montreal, Vancouver, and Calgary dominate thanks to volume and year-round demand.

Mountain towns like Whistler and Canmore generate strong revenue from seasonal adventure travel and premium pricing.

Cottage country and rural regions like Muskoka and Matawinie prove that smaller markets can punch above their weight, especially when demand is paired with exclusivity.

Whether urban or remote, the top short-term rental markets in Canada all share a few key traits: consistent guest demand, pricing power, and the ability to meet that demand with enough supply. For hosts and investors alike, understanding these dynamics is key to spotting where Airbnb activity is growing and where it's already thriving.

Let’s dive into the details on the largest Airbnb markets in the Canada rankings.

Toronto leads the list of the largest Airbnb markets in Canada, generating the most revenue of any city nationwide. As the country’s financial, cultural, and entertainment hub, it sees a steady flow of both business and leisure travelers, making it a year-round anchor for the short-term rental market in Canada.

With roughly 9,600 active short-term rentals, Toronto is the largest market in Canada based on Airbnb listings by city. The city also recorded 1.53 million booked nights and $343 million in total revenue from April 2024 to April 2025. That puts it at the top of the list for Airbnb market size in Canada, with strong performance across all three of the major indicators considered.

Toronto’s mix of international tourism, business travel, and major events—like the Toronto International Film Festival and NBA games—keeps demand steady. Its vibrant neighborhoods, universities, and convention centers ensure a wide range of guest types, from solo travelers to extended-stay professionals.

As one of the most competitive Airbnb investment opportunities in Canada, Toronto offers scale—but also complexity. STR regulations in the city require hosts to register and only rent out their principal residence, which limits inventory and can drive up average daily rates (ADR) for compliant listings. Despite regulatory constraints, properties in high-demand areas near transit, hospitals, and downtown continue to attract strong bookings.

Ranking second among the largest Airbnb markets in Canada, Montreal is a consistent top performer across all key metrics: total revenue, guest demand, and active listings. With its rich cultural heritage, major festivals, and bilingual charm, Montreal remains one of the top Airbnb cities in Canada for both travelers and investors.

Montreal saw 1.1 million booked nights and over $269 million in short-term rental revenue between April 2024 and April 2025, with an average of 6,187 active Airbnb listings by city. Its strong balance across supply, demand, and earnings secures its place as one of the most dynamic short-term rental markets in Canada.

Montreal is a magnet for year-round tourism, thanks to events like Just for Laughs, the International Jazz Festival, and its winter holiday markets. A large student population, thriving arts scene, and affordability relative to Toronto also help drive steady booking activity across neighborhoods.

While demand is high, the city enforces some of the strictest short-term rental regulations in Canada. STRs are generally only allowed in specific commercial zones unless the unit is a host’s primary residence. For investors, this means opportunities are more limited but potentially lucrative, especially in permitted areas with historic charm or close proximity to transit. Montreal continues to represent a high-potential but highly regulated segment of the Airbnb market size in Canada.

Whistler ranks third among the largest Airbnb markets in Canada by revenue, despite falling slightly lower in demand and listing count. This world-renowned mountain destination excels in earning power, making it one of the most compelling Airbnb investment opportunities in Canada for those focused on seasonal, high-yield markets.

Over the past year, Whistler generated nearly $241 million in STR revenue, with 498,000 booked nights and an average of 2,915 active listings. Though it ranks sixth in demand, its high average daily rates push it to third in total earnings. This is a clear sign of pricing strength in this luxury-driven market.

Whistler is a multi-season destination, anchored by its world-class ski resort, mountain biking trails, and proximity to Vancouver. High-end tourism, frequent international visitors, and a steady flow of weekenders from the Lower Mainland fuel strong booking momentum during peak seasons. Occupancy peaks around 75% in January and February and during the high summer months of July and August.

This is a premium market with premium pricing and limited inventory due to zoning and environmental constraints. Investors should expect high operating costs but strong revenue potential, especially for properties with winter amenities like ski-in/ski-out access or a hot tub. Compared to larger cities, Whistler offers fewer listings but outsized returns, reinforcing its place in the upper tier of Airbnb market size in Canada.

Vancouver is the fourth largest Airbnb market in Canada, with strong performance across all major indicators—demand, supply, and revenue. As a globally recognized city with natural beauty and urban convenience, Vancouver continues to be one of the top Airbnb cities in Canada for both travelers and short-term rental operators.

From April 2024 to April 2025, Vancouver generated $225 million in short-term rental revenue, saw 808,500 booked nights, and averaged 4,374 active listings. It ranks third in demand and fourth for the largest Airbnb city by listings.

A mix of leisure, business, and academic travel keeps Vancouver’s STR market busy year-round. From mountain views and urban beaches to major conferences and cruise departures, Vancouver offers something for nearly every guest segment. Its appeal as both a launchpad for exploration and a destination in its own right makes it a consistent performer in the short-term rental market in Canada.

As with other large Canadian cities, STR regulations in Vancouver are strict. Operators must rent their principal residence and comply with business licensing requirements. Despite these limitations, well-located properties continue to perform well, especially those near downtown, the waterfront, or transit hubs. For investors navigating within the rules, Vancouver remains one of the most reliable and in-demand Airbnb investment opportunities in Canada.

Canmore ranks fifth among the largest Airbnb markets in Canada by both revenue and demand, punching far above its weight for a small mountain town. Known as the laid-back alternative to nearby Banff, Canmore continues to attract outdoor enthusiasts as well as short-term rental investors looking for high returns in scenic, supply-limited markets.

With an average of 2,257 active listings, Canmore recorded 501,000 booked nights and over $204 million in revenue between April 2024 and April 2025. It ranks fifth in demand and seventh in listings, showing that even with a smaller footprint, its Airbnb market size in Canada is highly competitive.

Proximity to Banff National Park, a year-round calendar of adventure tourism, and growing interest in Alberta as a travel destination all drive Canmore’s strong performance. It draws both weekenders from Calgary and long-stay vacationers looking to escape the city, making it a reliable performer in Canada’s short-term rental market.

Canmore offers one of the most compelling Airbnb investment opportunities in Canada, thanks to a combination of high nightly rates, limited supply, and strong seasonal demand. However, zoning restrictions limit where STRs are permitted, so investors need to focus on tourist-zoned areas or legacy buildings. For those able to navigate the market, Canmore stands out as a small market delivering outsized revenue.

Calgary ranks sixth among the largest Airbnb markets in Canada by revenue, but its high demand (4th) and large number of active listings (3rd) suggest a market where supply is keeping pace with guest demand. As a gateway to the Rockies and a hub for business travel, Calgary is a steady contributor to the national short-term rental market.

Calgary saw 690,500 booked nights and earned $120.6 million in Airbnb revenue over the past year, supported by an average of 4,391 active listings. The city’s high supply relative to earnings hints at potential pricing pressure or competition, especially compared to markets like Canmore or Whistler that generate more revenue with fewer listings.

Business travel, conventions, and proximity to Banff and Kananaskis drive year-round bookings. The city also sees demand spikes during events like the Calgary Stampede. Its central location, growing tech scene, and affordability make it a popular base for both short stays and longer trips.

As one of the most active Airbnb hubs in Canada, Calgary offers opportunity, but investors should carefully assess saturation. While the volume of listings is high, revenue per unit may be more modest than in smaller, more exclusive markets. Still, with flexible regulations and steady demand, Calgary remains a viable Airbnb investment opportunity in Canada for operators who can stand out with location, amenities, or pricing strategy.

Muskoka ranks seventh among the largest Airbnb markets in Canada by revenue, even though it falls outside the top 10 for both demand (12th) and active listings (11th). This disconnect signals a high-revenue, low-density market that’s driven more by premium nightly rates and seasonal demand than by volume alone.

With just 1,610 active listings, Muskoka earned $119.4 million in revenue across 208,000 booked nights over the past year. Despite its mid-pack numbers for demand and supply, its strong pricing power places it firmly in the top tier for Airbnb investment opportunities in Canada.

Known as “cottage country,” Muskoka attracts affluent vacationers from the Greater Toronto Area, especially during summer months. Its lakeside homes, luxury cabins, and peaceful settings make it a destination for longer stays and repeat guests, even if its total booking volume is lower than major cities.

Muskoka offers a compelling investment opportunity for those seeking strong seasonal returns. Occupancy peaks around 70% during the summer months but can fall below 30% in the off-season. More than 40% of existing short-term rental listings are available 90 days or less, indicating that most hosts capitalize on the busy periods and take their properties off the market in-between.

Muskoka’s limited inventory and high-end guest profile support elevated ADRs, but success depends on property quality and access to waterfront or recreational amenities. Operators should prepare for seasonality and higher upkeep costs, but also benefit from lower competition and outsized revenue per listing.

Québec City ranks eighth among the largest Airbnb markets in Canada, holding steady across all major indicators: revenue, demand, and active listings. Its mix of old-world charm and year-round tourism makes it a dependable player in the Canadian short-term rental market.

With an average of 1,774 active listings, the city brought in $81.9 million in revenue from 354,000 booked nights between April 2024 and April 2025. Its balanced performance across the board reflects its status as one of the most stable Airbnb markets by city in Canada.

Québec City draws travelers with its cobblestone streets, European-style architecture, and historic landmarks. Major festivals like Winter Carnival and summer events attract both domestic and international guests. Demand remains relatively consistent throughout the year, supported by both tourism and local events.

Québec’s STR regulations can vary by borough, but typically allow short-term rentals in primary residences with proper permits. The city's broad tourist appeal and low competition compared to larger metros offer a strong case for investment. Québec City is an option worth exploring for  those seeking a midsize market with consistent demand and manageable regulation.

Mont-Tremblant ranks ninth among the largest Airbnb markets in Canada by revenue, despite placing just 19th for both demand and active listings. This clear outlier demonstrates the strength of high-value, low-volume markets, where premium pricing and seasonal surges drive earnings more than scale.

With an average of 1,107 active listings, Mont-Tremblant brought in $65.4 million in STR revenue from just 165,000 booked nights over the past year. Its relatively small size is offset by strong ADRs, placing it ahead of much larger destinations in the size rankings for Canadian Airbnb markets. 

What’s driving demand in Mont-Tremblant?

As one of Canada’s premier ski resorts and a popular summer retreat, Mont-Tremblant thrives on seasonal, experience-driven tourism. Visitors flock for skiing, hiking, golfing, and lake activities. Its appeal to affluent, often repeat guests helps justify premium rates nearing $400 CAD, even with fewer bookings overall.

Mont-Tremblant represents a niche but powerful Airbnb investment opportunity in Canada. Low supply and focused demand create strong revenue potential, particularly for chalets, ski-in/ski-out condos, or luxury retreats. However, seasonality is a key factor, and investors must plan for slower off-peak periods. For those comfortable with cyclical income, Mont-Tremblant offers high yield per property in a tightly held market.

Matawinie rounds out the top 10 largest Airbnb markets in Canada by revenue, outperforming its 15th-place rankings in both demand and active listings. This region exemplifies how rural and nature-focused markets can drive strong earnings even without large-scale tourism infrastructure.

With about 1,238 active listings, Matawinie earned nearly $59.8 million in STR revenue from 180,000 booked nights between April 2024 and April 2025. Its 10th-place revenue rank highlights the pricing power of listings in this scenic and less saturated corner of Québec.

Located in the Lanaudière region, Matawinie is a popular destination for eco-tourism, lakefront getaways, and outdoor recreation. Its proximity to Montréal makes it an accessible escape for long weekends and holiday stays, particularly in spring, summer, and fall.

Matawinie represents a strong Airbnb investment opportunity in Canada for those targeting high-yield rural markets. With relatively low listing density and strong seasonal demand, the market supports solid revenue performance, especially for well-equipped cabins or properties near lakes and trails. While it lacks the year-round volume of urban centers, Matawinie delivers on value and demand for nature-driven escapes.

Where is the highest demand for Airbnb in Canada?

Toronto leads Canada in total Airbnb demand, with over 1.5 million booked nights in the past year. It’s followed by Montreal, Vancouver, and Calgary—all large cities with strong tourism and business travel sectors. These markets see high year-round activity, placing them at the top of Canada’s short-term rental demand rankings.

Measured by revenue, Toronto is the largest Airbnb market in Canada, generating over $343 million between April 2024 and April 2025. It also ranks first in both guest demand and active listings, making it Canada’s most dominant short-term rental hub by every major metric.

If we’re talking globally, Orlando holds the top spot for demand in the U.S., but in Canada, the answer is Toronto. With its mix of international tourism, business travel, and major events, Toronto consistently sees the highest booking volume in the country.

Airbnb holds a much larger share of the Canadian short-term rental market, especially in urban areas. For example, in Toronto, 88% of listings are on Airbnb only, compared to just 3% on Vrbo, and 9% cross-listed. In more rural or seasonal destinations like Muskoka, Airbnb still leads with 58% of listings exclusively on the platform, while 14% are Vrbo-only and 27% are listed on both.

This suggests that Airbnb is the dominant platform across both city and cottage markets, though Vrbo has a stronger foothold in vacation regions known for larger, family-style properties. Many hosts in these areas list on both to maximize reach, especially for high-value, seasonal bookings.

Explore the largest Airbnb markets in Canada by revenue to find out where guest demand, bookings, and short-term rental activity are strongest.

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