Ottawa rent prices down since January, still up year-over-year
Posted Feb 21, 2023 12:00:00 AM.
Ottawa's average rental price increased 11.5 per cent in January compared to last year, with an average cost of $1,928 per month for a one-bedroom, according to Rental.ca's monthly report.
Ranking 13th among Canadian cities, the national capital's rents fall just lower than Kitchener for the month of January. By comparison, monthly rental costs for a one-bedroom in Canada's most expensive city, Vancouver, averaged more than $2,755, more than $800 more per month than Ottawa.
While year-over-year rates in February were up across the board – save for lucky renters in Gatineau which was down 4.5 per cent ($1,652 per month for a one-bedroom) – average monthly rates have declined since the beginning of the year for many cities, including Ottawa, where rates have dropped more than three per cent since December.
Despite surging prices in Calgary (22.7 per cent for the year), Ottawa remains in the unenviable position of third most expensive major market in Canada ahead of Montreal, Calgary and Edmonton. On the bright side, Ottawa still trails behind Toronto by a significant margin of more than $500 per month for a one-bedroom and nearly $1,000 for a two-bedroom.
