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Market Report

Ottawa Multifamily Market Report

3Q 2023

Apartment Sector Well Supported by Stable
Labour Market and Strong University Presence

Growing population supports outlook. As Canada’s capital city, roughly 30.0 per cent of the metro’s labour force is employed by the federal government. This tends to result in greater economic stability as the region is more insulated from macro headwinds. Consequently, Ottawa continues to attract scores of domestic and international immigrants seeking employment. Ottawa saw a net increase of 16,000 permanent residents in 2022, helping the metro’s apartment vacancy rate fall 130 basis points to 2.1 per cent. With Ottawa offering stable public sector employment, along with a growing technology scene offering high-paying opportunities, this trend is likely to continue over the coming year. Ontario’s population has already increased roughly 3.4 per cent annually as of the end of the second quarter, supporting a positive long-term outlook for upper-scale rental apartments.

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