Canada’s financial capital on a record year: 28.2 million visitors spending $9.1 billion, a 74%-occupancy hotel market sold out by conventions, and a national gateway holding 6% below its peak on the border alone. Eight studies, one hub.
Toronto enters the series as Canada’s most convention-dependent visitor economy: a record 28.2 million visitors in 2025 spent a record $9.1 billion, with 74 major meetings and conventions bringing 378,000 delegates and $982 million of economic impact — the group engine under a 74%-occupancy hotel market.
The gateway holds the national pattern: Pearson’s 47.3 million passengers (+1.1%) grew on domestic strength while transborder softness kept it ~6% below the 2019 record; Union Station moves 300,000 people a day, GO Transit carried 60.8 million riders, and the UP Express runs the continent’s best airport-rail economics at $12.35.
The hotel market is demand-led on a thin pipeline: 6.85 million room-nights sold (+3%), national records in occupancy, ADR and RevPAR, and the luxury benchmark reset by the Four Seasons’ full-tower reopening in 2025. Supply cannot respond; every recovery converts to rate.
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