The city says housing has been a ‘significant’ factor in 2023 construction activity.
According to the latest building permit data, 163 new dwelling units have been approved for construction as of the end of November, among them are 30 single-family dwellings, 18 additional dwelling units, and 111 multi-residential units.
That represents an increase of over 20 units from last year’s total.
“The housing approvals that we’ve issued so far this year put us on track to meet our 10-year housing target of 1,000 new units set by the province, which would unlock $800,000 in funding from Ontario’s Build Faster fund,” says Mayor Peter Chirico. “We are also seeking support from the federal government for initiatives to expand our local housing supply.”
Officials say the City has also applied for $18 million from the federal government through CMHC’s Housing Accelerator Fund.
“If approved, these funds would support the City in fully implementing its Housing Action Plan and Strategy, furthering our efforts to enhance housing options for our residents,” said Mayor Chirico.
With approximately $97.2 million worth of building permits issued as of the end of November, nearly half of that amount – $48.3 million – is attributed to residential construction. Officials say it’s the largest amount for this sector on record outside the COVID-19 building boom of 2021 and 2022. Construction activity in other sectors includes $9.8 million for institutional construction, $16.3 million within the commercial sector, and $20.8 million in the industrial sector.
“It’s been another strong year for construction within the City and we anticipate reaching a total construction value of more than $100 million for a third consecutive year, largely driven by new housing,” said Mayor Chirico. “We look forward to building on this success in 2024 and to further expanding the local housing supply.”
