The Rising Trend of Staycations: How Scrapped US Travel Plans Might Benefit Canada’s Domestic Travel & Real Estate Market
The pandemic-induced travel restrictions coupled with the escalating tension between Canada and the United States have sparked an interesting trend—staycations. Canadian families like the Gardners, who initially planned a road trip across the US, have shifted their itinerary to explore their own country instead. This growing inclination to travel domestically could be a silver lining not only for the travel industry but also for the real estate and construction segment.
Diving into The Staycation Trend
While the term ‘staycation’ used to apply to those taking a break at home, it has evolved amidst the turbulent times to encapsulate domestic travel. With international travel plans thrown off the rails for many Canadians, more and more are deciding to explore the country’s picturesque landscapes and multicultural cities.
Rising Popularity of Domestic Destinations
Destinations like Kootenay National Park, where the Gardners were pictured, have seen an increase in domestic visitors. Beyond the allure of such stunning landscapes, this surge can, in part, be credited to the prevailing geopolitical atmosphere and the desire to support the local economy. Isn’t it amazing how in challenging times, we find new ways to adapt and even thrive?
The Impact on Real Estate and Construction Industry
For the curious minds wondering about the connection between this staycation trend and the construction and real estate industries, let’s dive in. The rise in domestic travel could stimulate a corresponding rise in the demand for vacation homes, lodging facilities, and travel infrastructure, presenting new opportunities for builders and the real estate sector.
Increased Demand for Vacation Homes and Hospitality Assets
As Canadians embrace the idea of holidaying within the country, we might see a demand spike for vacation homes and hospitality assets. Regions popular for tourism could become hotspots for real estate investment, adding a new dimension to the existing market.
For those considering such investments, British Columbia could be an exciting prospect with its wide array of tourist attractions.
A Boon for Construction Projects
Simultaneously, we could witness a surge in construction projects. From developing new hotels and resorts to upgrading existing infrastructure to accommodate the growing domestic tourism, the opportunities seem abundant.Steel buildings in British Columbia, for instance, might see a rise, given their cost-effective and quick construction prospects.
Final Thoughts
With an uncertain international travel landscape, the rise in Canadian staycations could turn out to be a blessing in disguise, rejuvenating not just the travel industry but also the real estate and construction sectors. As we adapt to this interesting trend, it prompts us to ask – Are you ready to explore more of Canada and possibly invest in this evolving market?
We’d love to hear from you. Share your thoughts or questions about this trend and its impact on the construction and real estate industries. For more insights and assistance related to construction and real estate development in Canada, visit Your Building Team.
Original news source: CBC News
