For the first time in three years, Ontario saw the number of residential building permits drop after reaching all-time highs during the COVID-19 pandemic. In 2022, more than 108,000 building permits were issued across Ontario for new residential development — an approximate 11.6 per cent decrease from the previous year.
“People across Ontario were spending most, if not all, of their time at home during the pandemic and many decided it was an ideal time to take out building permits to update their homes,” explains Carmelo Lipsi, MPAC Vice-President and Chief Operating Officer. “Now that COVID-19 restrictions have been lifted, people are starting to gravitate back to experiences and travel. Coupled with the fact that the cost of borrowing has increased with higher interest rates, we are seeing fewer permits issued, signaling a shift in priorities.”
Across the province, home improvement permits also decreased by more than nine per cent in Ontario, to just over 63,000. These permits were for home improvements, including renovations, additions, swimming pools, sheds, garages, and decks.
How did the municipalities in your riding rank? Check out our Top 10 Municipalities Insights - Residential Building Permits and Regional Insights to see where they stand, or read the full news release to learn more.