The Canada Mortgage and Housing Corporation (CMHC) has released slides demonstrating the Housing Outlook for 2013. The key messages provided by CMHC offer some insight into future trends in the Ottawa rental market.
The recently approved condominium sites in Ottawa demonstrate the significant amount of new construction that is to follow. Numerous developments will absorb some unemployment. However much remains to be seen.
Condominium construction has begun to affect the existing rental pool in Ottawa. Approximately 20% of all condominiums in the city are investor-owned. The degree of competition from about 3000 additional apartment units will be felt as the vacancy rates increase.