Recognizing that the pricing strategy of the newly emerging online shared accommodation industry would be different from that of the traditional hotel industry, this study attempted to identify the variables that are the main determinants of the peer-to-peer tourist accommodation price. Using a data set of Airbnb accommodation listings for Toronto, the study established a relationship between room pricing and various listing variables and identified a reduced number of listing attributes that influence the room price significantly. Focusing on a reduced number of important variables, Airbnb hosts can not only increase average profit but would also give tourists a better rental experience. Along with traditional multiple regressions approach, the study also applied two different approaches and found that the analysis of hedonic pricing using nonlinear and nonparametric approaches is quite promising.