More Canadians are looking to live out the plot of The Holiday. No promises on stumbling into a young Jude Law in a turtleneck, but you’ll definitely save some cash.
Driving the news: Home exchange platforms are seeing a surge in popularity, particularly among Canadian travellers, according to new data collected by CBC News.
Popular platforms including People Like Us and HomeExchange (the actual site used in the movie The Holiday) said Canadian membership has jumped 20% and 30% respectively over the past year.
HomeExchange says there are over 15,000 exchanges planned in Canada this summer. That’s a nearly 30% jump from the same time last year.
Catch-up: Home exchanges offer a lot more flexibility than they used to. Platforms like Kindred use a credit system, allowing members to earn credits when people stay in their space that they can then use to stay in other members’ homes.
That allows users to book places anywhere in the world on their own timeline, rather than being limited to swapping with the traveller staying in their home.
Why it matters: Accommodations make up about a quarter of the cost of an average vacation. Aside from a small membership or cleaning fee, these home exchange platforms are more or less free, offering an affordable way to see the world at a time when travel costs are up across the board.
Meanwhile, short-term stay platforms that used to offer an affordable alternative have become more expensive. Airbnb prices are up around 25% from pre-pandemic levels and can often be more expensive than hotels, depending on the length of stay.
Our take: Modern home swapping apps seem to have a similar value proposition as the early days of platforms like Airbnb and VRBO (affordability, being embedded in a real local’s home, getting personal recommendations from the host). Maybe they can recapture some of that magic.—LA
