For a comprehensive review of the Canada market, click below:
HVS In-Depth Canada Hotel Valuation Index:
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2019
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2018
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2016
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2015
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2013
OTTAWA–GATINEAU is Canada’s Capital Region. With a combined population of 1,488,307, Ottawa–Gatineau is the fourth-largest city in Canada. The key industries are public administration, technology, healthcare, and tourism. The region acts as a political and administrative centre for federal departments and agencies. The area is also a major hub for the tech and education sectors.
Ottawa experienced modest economic growth in 2022 and 2023, but growth decelerated in 2024 because government workers were not required to return to the office and major international conferences had not returned to the market. Economic growth in Ottawa is being supported by several major development projects, including the $336-million Adisoke library, which will open in 2026; the ongoing LRT development; and the new $2.8-billion Ottawa Hospital campus near Dow’s Lake, which begun construction in early 2024.
Ottawa–Gatineau’s labour market revived in the second half of 2024. After shedding 17,700 jobs in the first half of the year, the area recovered 16,400 in the final six months. The area’s unemployment rate was 6.5% in 2024, and the unemployment rate is projected to decline to 5.6% by the end of 2025. The city’s real GDP is projected to grow at an average annual rate of 2.2% from 2025 to 2028.
The city's diversified economy and ongoing development projects are poised to support steady economic growth in the coming years. Strong net interprovincial in-migration, driven by the return to in-person work, has further bolstered population growth.
Between 2025 and 2028, 1,718 rooms are expected to enter the Ottawa–Gatineau market. More than 1,000 of these rooms are slated to open in 2026 and 2027. The Ottawa–Gatineau market has not returned to its pre-pandemic strength, mainly because the mandate returning government workers to the office has not yet been in place for a full year. While ADR and RevPAR have been growing steadily, occupancy remains soft.
The market experienced steady growth in per-room value and peaked in pre pandemic in 2018, reaching an index value of 1.74. In 2025, the value per room for Ottawa–Gatineau is projected to surpass $200,000 and reach $203,400, reflecting a 5.1% increase from 2024. Ottawa–Gatineau is expected to finish 2028 in tenth position at $243,000 per room, climbing up from eleventh place in 2025.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
ADR, Demand, Occupancy, RevPAR, and Supply Projections:
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