Overview
- Early 2026 data show the slump persisting, with March return trips from the U.S. down 7.6% year over year and February air travel down 17.6%, according to Statistics Canada.
- In 2025, Canadians made 29.1 million return trips from the U.S., a 25.4% drop from 2024, which RBC says reflects a shift in where people travel rather than less travel overall.
- Canadians redirected travel in 2025, with domestic trips up 10.9% in the second quarter and overseas journeys up 7.1% in the third quarter, while U.S.-included trips fell 34.7% and spending in the U.S. dropped 24.0% to $4.2 billion.
- U.S. destinations are courting Canadians with targeted deals, including Las Vegas offers that treat the Canadian dollar at par to soften the currency hit.
- Investors are tilting toward extended-stay and mixed-use formats as the U.S. hotel pipeline reaches 6,020 projects with about 705,825 rooms at the end of the first quarter of 2026.