Urbanation's Ottawa Rental Market Results for Q2-2024 were released, with the following highlights:
- There were 924 new purpose-built rentals that reached completion in Q2, a three-quarter high. The total stock built since 2000 tracked by Urbanation reached 15,850 units.
- Net absorptions within new purpose-built rentals completed since 2000 totaled 725 units, keeping the total occupancy rate above 90% in Q2.
- Vacancy rates in stabilized purpose-built rental buildings completed since 2000 were unchanged from Q1 at 1.6%, edging down from 1.8% a year ago in Q2-2023.
- Average rents surveyed during Q2 in new purpose-built rental buildings completed since 2000 reached a record high $3.28 psf ($2,429 for 741 sf), rising 10.5% annually.
- A total of 1,182 purpose-built rentals started construction in Q2, representing a five-quarter high.
- Total purpose-built rentals under construction reached 10,634 units, with an additional 113,548 units proposed for development – of which 64,984 units were approved.
- A lack of new condo building registrations caused total condo rental listings to fall 31% annually in Q2 to 348 units.
- The reduction in supply resulted in a 23% decline in condo lease transaction volume to 232 units, which was still above the 10-year average.
- The average time on market for condo leases remained below the 10-year average at 25 days in Q2.
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In The News
November 8, 2024
The Canadian Press: Rent prices in Canada declined year-over-year for first time since COVID-19 pandemic: reportOctober 31, 2024
Storeys: Condo Rents Slide In GTHA As Completions Surge Over 130%October 30, 2024
Storeys: GTA Condo Supply Is Approaching A Number “The Market Has Never Seen”October 23, 2024
Globe & Mail: Toronto region condo sector sees deepening slump as sales fall 81 per cent in the third quarterOctober 23, 2024
CTV: New condo sales in GTHA fall 81 per cent in third quarter of 2024: reportOctober 23, 2024
Storeys: 6,800 New Condo Units Changed To Rental, Cancelled, In Receivership Since 2022 Across GTHA