Quebec City vs Victoria: which is better for Airbnb investment? (2026)

Bottom line

Victoria edges ahead of Quebec City on higher occupancy (39.5% vs 34.5%), stronger RevPAR (£51 vs £44).

Head-to-head metrics

	Quebec City	Victoria
Median occupancy	34.5%	39.5%
Median daily rate	£151	£144
Median RevPAR	£44	£51
Active listings	1,999	2,666
YoY occupancy	-9.9 pts	-3.2 pts
YoY daily rate	+61.3%	+55.6%
Regulation risk	—	—
Annual night cap	None	None
License required	No	No

Full analysis: Quebec City vs Victoria

On the money side of this comparison — what a listing actually earns against the nights it has available — Victoria finishes clearly ahead of Quebec City. Victoria turns its rate and occupancy into £51 per available night against £44 in Quebec City, a 15.7% edge on the only yield figure that nets the empty nights out. The twelve-month direction favours Victoria too: occupancy there moved −3.2 points while Quebec City moved −9.9 points. Those gaps are wide enough to survive a normal year's variance.

The two markets reach their revenue by different routes, which is what makes this pairing worth reading rather than just tabulating. Quebec City is the rate market: £151 a night against £144, some 4.3% more, but it converts fewer of those nights at 34.5% occupancy. Victoria is the volume market, filling 39.5% of its calendar at a lower headline price. Revenue per available night settles it: £51 in Victoria against £44. Rate is what you advertise; RevPAR is what you bank.

That verdict needs a caveat, because Quebec City is not simply the weaker market of the two. Nightly rates are also climbing faster in Quebec City, +61.3% over the last year against +55.6% in Victoria. Its strongest submarket, Vieux-Limoilou, clears £69 RevPAR on its own — city medians hide that kind of spread. If your model leans on that dimension, the ordering above can reasonably flip.

Neither Quebec City nor Victoria currently has a verified short-term rental regulation record in our register, so the comparison above is a yield comparison only. Regulation is the single largest source of downside in this asset class — an unverified market is an unpriced risk, not an absent one.

The two calendars also behave differently. Quebec City peaks in October at 58.9% and bottoms in January at 27.9%; Victoria runs from 56.1% in October down to 40% in December. Victoria is the steadier of the two at 16.1 points peak-to-trough against 31 — easier to underwrite against a mortgage — while Quebec City concentrates its return into a shorter window and rewards operators who price the peak aggressively instead of holding a flat rate all year.

Who each suits, then. Quebec City suits buyers who want a conventional, lightly regulated entry. It is the contrarian side: buying it means buying a market that has cooled. Victoria answers to the same regulatory profile, so the split between them is operational rather than legal. Every figure above comes from the same Inside Airbnb snapshot pipeline on both sides, dated 2026-09, filtered to listings with at least one booking in the last twelve months. Occupancy medians are drawn from 1,999 active Quebec City listings and 2,666 in Victoria.

Frequently asked questions

Is Quebec City or Victoria better for Airbnb investment?

Victoria, on the data we track. It leads on stronger RevPAR (£51 vs £44), the better occupancy trend (−3.2 points vs −9.9 points year over year), and higher occupancy (39.5% vs 34.5%). Quebec City is not the weak side of this pair, though — it wins on faster rate growth (+61.3% vs +55.6% year over year).

Which has higher occupancy, Quebec City or Victoria?

Victoria, at 39.5% median occupancy against 34.5% in Quebec City — a gap of 5 points. That is a real but modest edge; a well-run listing in Quebec City can close most of it. Over the last twelve months Quebec City shed 9.9 points and Victoria shed 3.2 points, so the gap is widening.

Which has higher nightly rates, Quebec City or Victoria?

Quebec City, at £151 a night against £144 in Victoria — roughly 4.3% more. The nightly rate is not the whole story, though. On revenue per available night — rate multiplied by how often the room actually sells — Victoria comes out ahead at £51 against £44, so Victoria's cheaper nights are more than repaid by how often they fill.

Which has stronger year-over-year growth, Quebec City or Victoria?

Neither is growing on occupancy — both cooled over the last year. Quebec City gave up 9.9 points and Victoria 3.2, so Victoria is the shallower decline rather than the winner. Nightly rates rose 61.3% in Quebec City and rose 55.6% in Victoria over the same window.

Which is the bigger Airbnb market, Quebec City or Victoria?

Victoria, with 2,666 active listings against 1,999 in Quebec City. Size cuts both ways: a deep market gives you comparables, contractors and an exit, while a thinner one means fewer near-identical rivals competing for the same search results.

How much can you earn from an Airbnb in Quebec City vs Victoria?

Victoria earns more: roughly £18,540 a year for a median listing against £16,021 in Quebec City. Those are gross booking revenues before cleaning, management, platform fees, furnishing amortisation and tax — budget for a meaningful share of them, and note that a median listing is a median operator, not a good one.

Go deeper on each city

Market guide

Airbnb in Quebec City →

Occupancy, ADR, neighborhoods, regulation

Market guide

Airbnb in Victoria →

Occupancy, ADR, neighborhoods, regulation

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