Rents in Ottawa falling to lowest since spring 2023

Ottawa renters are gaining some relief as rents continue to fall on average in the municipality.

According to a new Rentals.ca and Urbanation report, the average rent in the city is $2,107, the lowest price since May 2023. Several other major markets, like Vancouver and Toronto, are seeing decreases in costs as well.

It says lower rents and a softer market helped improve affordability, with the average rent-to-income ratio falling slightly below 30 per cent in January for the first time in six years.

“There has been a meaningful improvement in affordability for renters in Canada, proving that more supply brings down costs,” said Shaun Hildebrand, president of Urbanation, in a news release.

“This should help draw more renters into the market this year, even as the population (growth) slows.”

However, the realtor website notes that three-bedroom apartments are seeing an uptick in price between January 2026 and the year before. Rents grew 3.1 per cent to $2,699 on average for three bedrooms in Ottawa.

These housing types are dramatically falling in price (9.9 per cent year-over-year) in places like Vancouver.

Shared accommodations prices in Ottawa are higher than most places in Canada, the report’s data shows. In the nation’s capital, the average for the housing type is $1,101, which grew 7.4 per cent, due to more co-living projects from the city coming online.

In British Columbia, Alberta and Quebec, the average shared accommodation price dropped below $900.

With the falling rent prices, the report shows that unit sizes are shrinking. The average size of rental listings fell to 857 square feet in January, from 885 square feet last year.