Canadian tourism operators face heavy debt loads and struggle with rising interest rates.

Canadian tourism operators report heavy debt loads even as business recovers from COVID-19. The industry has yet to reach pre-pandemic levels, and many businesses are struggling to cope with rising interest rates. Tourism brought in $109 billion in revenue in 2021, but the federal government is urged to support the sector with a new low-interest loan program. International visitor numbers remain below pre-pandemic levels, with tourists from the U.S. at 85% of 2019 levels and those from further afield at 78%. As businesses rebound, rising interest rates have dampened enthusiasm and added to their debt burden.

April 23, 2024
12 Articles

Further Reading