CMHC has just released its Spring 2021 Housing Market Outlook.   Here is the link:

https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook/2021/housing-market-outlook-61500-spring-2021-en.pdf?rev=4c3c8563-6ed2-417a-98c0-82085815893f

The Ottawa report is at page 41.  Here is the rental market summary:

“Rental market conditions will remain weak over the short term 

“We anticipate the vacancy rate in 2021 will remain above the 3.9% reported in our latest Rental Market Survey (October 2020). Online studying, which reduced the number of domestic and international students, lower immigration, and a decline in youth employment placed downward pressure on rental demand. It is unclear if students will return physically to campuses this fall.

“Moreover, demand conditions have deteriorated since October due to the second lockdown this winter. This led households to move out of the more expensive core areas or to move back in with family. As well, since the Survey was conducted, another 821 purpose-built rental apartment units were completed, adding to supply, while demand remains weak.

“All things considered, we expect vacancies to remain elevated this year. The current demand and supply imbalance is only a short-term phenomenon and is not expected to last. Indeed, as normalcy slowly returns in 2022 and 2023, demand for rental housing should also return, given the expected winding down of government support programs and the affordability challenges of homeownership.”