Urbanation released its Q1-2023 results for the Ottawa rental market:
- The total universe of new purpose-built rental projects in Ottawa completed since 2016 reached 8,490 units (56 buildings) as of Q1-2023, increasing by nearly 50% from 5,716 units (34 buildings) a year ago in Q1-2022.
- Within stabilized purpose-built rentals completed since 2016, vacancy averaged 2.7% in Q1-2023, decreasing from 3.7% in Q1-2022 despite the large increase in new supply over the past year.
- Average per square rents in purpose-built rental projects completed since 2016 reached a record high $2.89 ($2,377 for 823 sf), rising 2.5% from a year ago in Q1-2022 ($2.82 psf).
- The number of purpose-built rentals under construction in Ottawa reached a multi-decade high of 9,875 units, increasing by 26% (+2,016 units) over the past year and by 52% (+3,385 units) over the past two years.
- Condominium rents reached a record high average of $2.69 psf in Q1-2023, representing a 9.8% year-over-year increase from Q1-2022 ($2.45 psf) and a 1.9% quarter-over-quarter increase from Q4-2022 ($2.64 psf).
- In the latest 10-year period to Q1-2023, annual rent growth for condominiums averaged 3.4%, with five-year growth averaging 3.8%.
Latest Research
April 30, 2025
Increases to Rental Supply Helping to Improve AffordabilityApril 15, 2025
Slowest Condo Market in Over 30 Years Causing Construction to CollapseJanuary 31, 2025
Ottawa Rental Vacancy Increases as New Completions Continue to GrowJanuary 28, 2025
GTHA Rental Vacancy Highest Since PandemicJanuary 16, 2025
GTHA New Condo Sales in 2024 Were Lowest Since 1996November 1, 2024
Ottawa Rental Construction Falls in Q3 Despite Low Vacancy and Rising Rents
In The News
May 1, 2025
Rent prices keep falling in the GTHA. Here’s why — and how long you can expect it to lastApril 30, 2025
Number Of GTHA Rentals Offering Incentives Doubles In Q1April 23, 2025
Canadians turn against condos as a 'good' investment as sector goes through 'rough period'April 23, 2025
Condos in Toronto region headed for a crunch as fewer start constructionApril 22, 2025
Hundreds of planned condo units cancelled: ‘Market cratered almost overnight”April 16, 2025
GTHA Sees Slowest New Condo Sales In Over 30 Years, Construction 'Collapses'