If there was concern that the condo market is cooling off, a recent survey from Statistics Canada should erase it. According to the survey, which examines authorization and value of building permits for March 2015, municipalities across Canada approved the construction of 18,586 new dwellings, a 24.9 per cent hike from the 14,884 dwellings authorized in February.
Of those buildings approved, 13,126 units were for multi-family use. This is a significant increase from the 9,137 condo and apartment units approved in the previous month. Conversely, single-family homes saw only 5,460 units authorized, a 5 per cent decline from February. Ontario and British Columbia boasted the highest residential construction intentions, while Quebec and Nova Scotia recorded the largest declines.
Dwelling units, value of residential and non-residential building permits, Canada
In terms of finances, the total value of Canadian building permits for residential and non-residential use reached $6.9 billion this March, up 11.6 per cent from February, said Statistics Canada. The value of permits issued exclusively for multi-family dwellings rose 19.6 per cent to $2.1 billion in March, marking the second consecutive monthly gain.
Building permit values in Toronto reached approximately $1.4 billion after growing 35.1 per cent between February and March: this puts Toronto above all other Canadian metropolitan areas. Vancouver and Calgary’s total building permit values were just behind Toronto’s, reaching $979 million and $601.1 million respectively.
Value of building permits, by census metropolitan area
So what does this mean for those of you looking for a condo in Toronto? With the forecasted surge in residential development you can continue to trust Plaza as one of Toronto’s most experienced condominium construction and development organizations. With 5,000 condominium units across Toronto our communities can be found in many prestigious, vibrant and friendly neighbourhoods. Enjoy the city with the freedom of Plaza condo living.