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Market Report

Ottawa Multifamily Market Report

3Q 2022

Strong Population Growth, Resilient Industries and
Housing Affordability Bolster Rental Market

Affordability creates a strong labour force in Ottawa. With prices being lower relative to other Ontario markets, such as Toronto, Ottawa's affordability attracts young talent. The average apartment rent is at least 10 per cent lower in Ottawa compared to Toronto, and the median price of a single-family home is a staggering 88 per cent less in Ottawa. These aspects encourage in-migration from young Canadians who tend to favour apartment rentals, further constricting the amount of available inventory in a market already facing supply shortages. Not only does this metro have a strong labour force, but it also has a resilient economy, which keeps multifamily fundamentals strong even in times of economic uncertainty. Ottawa's economy is largely composed of two industries — government and technology — both of which fared well during the health crisis. Most notable is Ottawa's tech base, which was ranked a top 10 market for concentration of talent in North America and second in Canada. Companies like Ford, BlackBerry and Shopify all have innovation centers in Ottawa, attracting young talent who value rental lifestyles for the flexibility and proximity to urban cores, increasing demand for high-tier rental apartments in centralized locations.
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