Ottawa Multifamily Market Report

Rental market readjusting to demographic shifts. The slowdown in international migration was the primary catalyst behind Ottawa’s multifamily rebalancing last year. From 2024 to 2025, the net inflow of temporary residents fell sharply from 22,000 to below 3,000, reflecting tighter international student policies. As a result, university-adjacent neighbourhoods such as Old Ottawa South and Sandy Hill recorded rising vacancy rates. At the same time, a softer labour market — largely influenced by federal government downsizing — further tempered rental demand. In 2026, rental demand is expected to remain soft as international migration slows further and trade uncertainty persists. Consequently, market conditions are likely to loosen for another year, with the vacancy rate edging higher and rent growth easing from recent peaks.