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Ottawa’s rental market continues to show resilience even as new supply increases, demand from immigration, stable economic growth, and government presence keeps vacancy rates low. In 2023, Ottawa welcomed over 3,500 new rental units, yet the city maintained a vacancy rate of just 2.1% slightly below the 25-year average underscoring persistent demand.
In Q4 2024, purpose built rental completions rose to 3,692 units up 6% from 2023 but absorptions also climbed, pushing the vacancy rate for new rentals to a post-pandemic high of 2.6%. Despite robust construction, rents in new buildings averaged $2,452 for a 754 square foot unit marking a 4.4% year-over-year increase.
Ottawa has consistently bucked national rent decline trends. As of Q1 2025, Ottawa is the only major Canadian city still seeing annual rent growth across all unit types thanks to sustained population growth, limited supply, and ongoing urbanization. From 2019 to 2024, average rent in the Ottawa-Gatineau region climbed 6.0%, outpacing national growth.
That said, there are early signals of easing. The Canada Mortgage and Housing Corporation (CMHC) projects vacancy rates could edge toward 2.9% through 2025 as population inflows slow and more units complete. However, this modest uptick is unlikely to bring down rental prices significantly.
Looking back to late 2024, average rents dipped by about 3.0% year-over-year to approximately $2,165, offering some relief to renters. Still, affordability pressures remain high, and landlords face a delicate balance between maintaining income and covering costs.
At a national level, while Canada saw its first annual decline in rents since 2020 down 4.4% year-over-year Ottawa remains strong. That national drop coincides with excess supply elsewhere, but Ottawa’s persistent undersupply and high demand suggest any rent dips here are likely to be limited and temporary.
Your potential is limitless. Embrace the challenges, learn from the failures, and keep moving forward. The future is a canvas, and you hold the paintbrush. Believe in yourself and make every stroke count.
