Ottawa Multifamily Market Report

Demand keeping pace with strong supply growth. Ottawa’s population grew by a record-setting pace of roughly 3.3 per cent in 2023. This helped keep the region’s apartment vacancy rate stable at 2.1 per cent despite a historic level of new supply entering the market. Ottawa continued to attract large volumes of domestic and international immigrants as the metro offers both well-paying jobs and highly regarded universities. As the capital city of Canada, Ottawa has strong links to the public sector, which offers residents above-average wages and stability in times of economic uncertainty. The public sector is linked to nearly one-third of the metro’s economy. Ottawa has also witnessed strong tech growth in recent years as the metro’s concentration of tech talent is one of the highest in North America. Not only does this industry offer higher wages, but it also attracts younger and highly educated individuals to the region. These factors combined with limited housing supply will continue to support apartment performance in 2024.