> Nearly half of all Canadian Airbnb revenue in 2018 was generated by commercial operators, or those who manage multiple listings, the McGill report said. Their

> Nearly half of all Canadian Airbnb revenue in 2018 was generated by commercial operators, or those who manage multiple listings, the McGill report said. Their share of sales increased from 2017 in nearly all metro areas. Among this group, there are some hosts that vastly eclipse the competition: Fifteen managed at least 100 active listings apiece in the past year, the report said, and nearly 60 hosts earned more than $1-million in 2018. > It vastly differs from how Airbnb often pitches itself: as a personal platform through which residents, either out of town or looking to put a second bedroom to good use, will occasionally rent out their spaces. > Often, the largest “hosts” are in fact businesses that manage vacation rentals on behalf of homeowners. City of Vancouver regulations (as ineffective as they are) explicitly targeted and banned these sort of commercial operators. What does Airbnb's valuation look like if such a significant share of their revenue comes from the sort of activity that is actively being banned by more and more cities?