Market Report
Ottawa Multifamily Market Report
3Q 2024
Metro Offers Ample Opportunities,
Attracting Both Foreign and Domestic Residents
Multiple demand drivers act as a tailwind for apartment rentals. Annual population growth in Ottawa sat just below 3.0 per cent in 2023. The metro’s large university presence helped boost new temporary residents by an astonishing 885 per cent year over year. However, a steady inflow of permanent residents and domestic migrants also contributed to the metro’s population expansion. While permanent residents accounted for 44 per cent of Ottawa’s total population growth in 2023, net intra-provincial migration was also a driving factor. Over the past two decades, Ottawa has attracted roughly 3,000 residents per year from other parts of Ontario. Not only does the city offer a wide range of job opportunities, but Ottawa is more affordable than the Greater Toronto Area. These factors combined have resulted in a highly educated population, lower unemployment and above-average income levels. Consequently, apartment rental demand is likely to be well supported over the long term.
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