This article explores programmatic and institutional differentiation among private universities in Ontario since the enactment of the Postsecondary Education Choice and Excellence Act of 2000. Findings suggest that there has been a small increase in both programmatic diversity through specialized graduate-level programs offered by out-of-province institutions and institutional differentiation through private for-profit institutions. While these new institutions and programs enroll only small numbers of students, we argue that institutions are pursuing various positioning strategies that reflect their differential resources and mandates. Our findings advance theories of institutional positioning by highlighting at least two additional dimensions of niche-seeking prevalent in the North American context: the campus experience and the modality of instruction. We argue that programmatic differentiation occurs only when private universities seek academic niches.