Industrial growth in Whitby, new Ontario Hydro water plant in Clarington highlight Durham’s annual building review report
Published May 30, 2023 at 3:02 pm
Three new industrial facilities in Whitby, valued at $128.3 million and a new $50 million water plant for Ontario Hydro in Clarington highlighted Durham Region’s annual building review report, which showed the region’s building permit numbers faltered a bit from the previous year, dropping 8.7 per cent from $2.98 billion to $2.72 billion.
Other industrial/commercial highlights for 2022 include:
- A new corporate headquarters for Kubota Canada in Pickering ($39 million);
- Upgrades to the General Motors of Canada facility in Oshawa ($24.4 million);
- Two new industrial buildings in Ajax ($20.8 million and $20.2 million);
- A new Grandview Children’s Centre facility in Ajax ($17.6 million);
- Upgrades to an industrial building in Whitby ($18.7 million);
- A new industrial building in Oshawa ($13.5 million);
- A new commercial facility in Brock ($12 million);
- An addition to Butternut Manor in Uxbridge ($12 million).
Residential building permit value decreased by 6.9 per cent from $2.16 billion in 2021 to $2.01 billion in 2022 but the total number of permits issued for new residential units in Durham increased 3.8 per cent from 6,290 units in 2021 to 6,530 units in 2022.
Housing starts were up, however, from 5,325 in 2021 to 5,797 in 2022, an 8.9 per cent jump. At the same time, completions increased by 18 per cent from 3,241 to 3,828.
More than three quarters of the new residential builds were multiple housing forms, including row houses and apartments.
The average cost of a new single-detached dwelling in Durham Region rose 27.3 per cent from the previous year to $1,134,899 in 2022, a number that is still 22.2 per cent below the GTA average. The average price of a resale dwelling (all dwelling types) in Durham jumped nearly 11 per cent to $1,024,570 in 2022.
The value of non-residential building permits decreased by 13.4 per cent from $819.6 million in 2021 to $710 million in 2022.
Across the Greater Toronto and Hamilton Area, the total value of building permits issued (both residential and non-residential) increased slightly to nearly $29.5 billion in 2022. Notably, Durham, Peel, and Halton experienced an increase in the number of permits issued for new residential units, while Toronto, Hamilton, and York experienced decreases.
The data indicates Durham Region should see upward growth trend in units offering a higher degree of diversity and affordability of housing options occurring in both intensification and greenfield areas, according to the report.
The Canada Mortgage and Housing Corporation, meanwhile, declared in their Housing Market Outlook for Canada and Metropolitan Areas that weaker economic growth and higher mortgage rates will slow down the housing market in 2023, with a continued decline in prices and housing starts. Higher mortgage rates and limited housing supply will impact affordability in the near term.
Following this decline, home prices are expected to rise again in 2024 and 2025.insauga's Editorial Standards and Policies advertising