Apartment vacancies in the Ottawa market are expected to fall in 2012 amid LRT planning and the Department of National Defence move to Kanata in the next few years.
A report by Rock Advisors Inc., an apartment brokerage firm based in Burlington, Ont., forecasts vacancies to fall and rents to increase in the coming year.
“The presence of international diplomats and many other officials visiting the city for a few months out of the year have given the city a big market in furnished apartments, as well as short-term rentals. When the world looks to invest, Ottawa is a standout,” the report reads.
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A new signature event is set to grace the Ottawa business and philanthropic calendar this summer. CHEO Foundation and the prestigious The Royal Ottawa Golf Club are proud to announce
Ottawa Jazz Festival’s location is key to its success – and to revitalizing the downtown core
This year marks the 45th anniversary of the Ottawa Jazz Festival, one of the city’s premier live music events and Canada’s second oldest jazz festival. Despite the ever-changing (and expanding)
Ottawa has one of the highest apartment concentrations in the province, with 6.76 units per 100 people, the report states. However, vacancy rates have been below two per cent since 2006 and rents have been increasing faster than the provincial rate since 2009.
The capital has added 11 new apartment buildings to rental stock since 2007, the report added. Supply is expected to increase in the coming year (the report did not specify why) and the cap rate will be about 4.75 per cent to 5.75 per cent.
