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2013 Yields Strong Spring for Construction in Toronto

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GTA REAL ESTATE – Toronto experienced “significant gains in construction intentions” this May, according to Statistics Canada.

The government agency’s July 8 report, entitled Building Permits, May 2013, shows that the value of building permits issued during May in the City of Toronto – a whopping $1,443.6 million – reflected an increase of 34.3 per cent over the same total in 2012, 23.6-per-cent over the previous month (April).

Out of 34 census metropolitan areas surveyed, Toronto was one of the 16 that showed an increase in building permit values in May 2013.

“The largest increases were in Toronto and Montreal,” the report stated. “In Toronto, the advance was principally attributable to multi-family dwellings.”

Demand for both single-family dwellings (e.g. detached homes) and multi-family dwellings (e.g. condominium towers) saw a national increase in May, with eight provinces posting advances and “Ontario, Alberta and Quebec accounting for most of the gain,” the report noted.

Statistics Canada added that “numerous apartments and apartments-condominium projects in Ontario” were a factor that contributed heavily to the national growth in building interest and permits issued.

A couple of other highlights from the report:

  • Canadian municipalities issued permits for a total of 20,048 new home buildings in the month of May alone – a 3.1 per cent increase over the previous month.
  • The province of Ontario enjoyed a huge boost in residential permit values, which climbed by 13 per cent from the previous month, totalling $1,823.5 million worth in May – more than two fifths of the national figure for the same month!

As Greater Toronto’s reputation continues to grow as a destination for living, working and investing, development of new residential and commercial spaces will continue to be a big part of accommodating an increasingly large population.

With that in mind, Living Realty is proud to be a source of information on new home developments in the area. If you’re as interested in new homes as we are, visit our New GTA Homes project index to find information, renderings and registration information for the GTA’s hottest new commercial and residential projects.

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