Modern living: Rent versus buy now seen in a new light

We have a decent supply of new rental units coming into the market, with Pomeroy noting that prior to 2016, less than 10 per cent of our annual new construction in Ottawa was for purpose-built rentals; now it’s closer to 30 per cent.

Not all new-build rentals are tower apartments. Richcraft is building rentals towns at Mapleton in Kanata.This is significant, he says in an interview, because “it means that even though we’re seeing more rental being built in the city, we still have a low vacancy rate … there’s potential for even more construction.”

“What you see being built out is usually the high-rise buildings by mostly very well-funded developers … where, despite the increase in interest rates, we can still see the appeal,” says Michael Ivanich, who is director of property management for Richcraft Rentals. “But they’ve slowed down.” It was “a case of seeing the return on investment increasing for rental versus development for sale,” says Justin Robitaille, who is vice-president of development for Dream Unlimited, the developer behind the expansive Zibi project that straddles the Ottawa River downtown.

Because the supply can’t meet the demand, “there’s still going to be a shortage of rental housing in Ottawa for the foreseeable future,” says Szpilfogel.Article content

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