Canada’s tourism sector is underperforming, contributing just 2% to GDP despite employing twice as many Canadians as the tech industry. The 2019 federal tourism strategy aimed to boost tourism GDP to $61 billion by 2030 and elevate Canada’s global ranking from 13th to 7th. However, with an 80% decline in Chinese arrivals and a sluggish post-pandemic recovery, these goals remain distant.
A significant issue is the dominance of foreign hotel chains, which own 60% of Canadian hotels. Notably, there is no Canadian-owned hotel brand listed on the Toronto Stock Exchange. This foreign control limits our ability to tailor accommodations to Canadian needs, such as addressing housing shortages through extended-stay options.
To transform Canada into a tourism superpower, we must:
By taking bold, strategic actions, Canada can reclaim control of its tourism industry, drive economic growth, and achieve its potential as a global leader in hospitality.
A significant issue is the dominance of foreign hotel chains, which own 60% of Canadian hotels. Notably, there is no Canadian-owned hotel brand listed on the Toronto Stock Exchange. This foreign control limits our ability to tailor accommodations to Canadian needs, such as addressing housing shortages through extended-stay options.
To transform Canada into a tourism superpower, we must:
- Develop Canadian-owned hotel brands that reflect our culture and values.
- Provide tax relief and financing incentives to encourage domestic investment in hospitality.
- Implement Canadian content requirements in hospitality services, similar to those in the music industry.
- Establish hospitality hubs and enterprise zones, particularly for Indigenous tourism initiatives.
By taking bold, strategic actions, Canada can reclaim control of its tourism industry, drive economic growth, and achieve its potential as a global leader in hospitality.
