With the escalating cost of travel, an increasing number of Canadians are exploring innovative ways to cut down expenses on their upcoming vacations, starting with accommodations as the primary target.
Instead of opting for hotels or short-term rentals, more individuals are engaging in home swapping with fellow travelers, effectively eliminating a major cost component of any journey.
Kristy Moore, a teacher from Calgary, ventured into her first home exchange experience in Seattle in 2023. She has already planned another exchange in Victoria for this summer and is eyeing a trip to Japan next year.
“The rising costs of airfare and lodging have limited my travel options. Home exchange opens up opportunities to explore various destinations around the world,” Moore shared.
Unlike traditional rentals, members of home exchange platforms either directly swap homes or earn credits by hosting other travelers, which can be utilized for future stays. Instead of charging a nightly rate, most platforms require an annual membership fee.
Moore emphasized that the savings from home exchange have made longer trips a viable option once again.
“By saving a significant sum on accommodation for a two-week trip, it opens up doors to experiences that might have been out of reach otherwise,” she added.
Home swapping gains popularity
Affordability is reshaping the travel patterns of Canadians.
According to a recent CIBC poll, four out of ten Canadians are planning summer travel, but nearly one-third are considering staying home due to rising costs.
Home exchange companies note that financial constraints are propelling the demand for their services.
People Like Us, based in Australia, reported a 20% increase in Canadian membership over the past year, surpassing the platform’s global growth rate.
“Canada has moved up from being our fifth largest market to the second largest,” said Drew Seitam, co-founder of People Like Us, based in Sydney.
“Travelers are seeking value. They are keen on exploring the world sustainably while keeping their expenses in check,” he added.
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HomeExchange, known for popularizing the concept in the 2006 movie The Holiday, has also witnessed a surge in Canadian participation.</p