June 18, 2024

Day: May 20, 2023

Building boom keeps breaking records

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Brantford continues to smash building records in the city with a first quarter that hit $187 million in projects this year.

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“We’ve been extremely busy,” said chief building official Andy McMahon.

“We’re definitely on pace for another great year – more than likely another record year of construction values.”

With the first three months of the year – which are traditionally not the strongest for construction – bringing in 406 permits, the city is off to a record fast start.

In 2022, there were 1,508 permits issued by the end of the year with a record-breaking construction value of $472 million.

The number of monthly permits in the first three months were 92, 156, and 158.

The value of the permits for each month was $24 million, $81 million and $82 million.

Leading the projects was the official permits issued for a Costco warehouse and Costco gas bar at the Lynden Park Mall. The two permits totalled $35 million.

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The land has been graded and sites measured off at the Western end, near the old tourism centre for the gas bar, and at the east end of the mall property near Woodyatt Drive, for the warehouse. The area in between the two projects will be parking.

In February, Mitsui High-Tec received a $25-million permit for a third expansion to its growing business. Once open, the 117,000-square-foot building will increase the number of employees from 100 to 300.

As always, housing was a major component of the permits issued in the first quarter: permits went out for 135 new single-detached homes and 134 new townhouses with a total value of $96 million.

The new housing is mainly off Shellard’s Lane by Empire Communities, Losani Homes and ShellBrant Developments, along with some homes off Hardy Road in an area developed by LIV.

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Brantford also issued 47 permits for “accessory unit dwellings” — basement apartments and units built over garages.

“We’re definitely seeing an uptick in that kind of housing and it’s what we need,” said McMahon.

He noted that most municipalities now allow up to three units on a property.

Almost $10 million in construction work is approved at the Brantford General Hospital. Of that, $1.2 million in work is for a new CT suite, approved in January, and $9.5 million is an extensive renovation to the existing emergency department.

The city issued a $2-million permit for the new long-term care home, which will include a retirement home component and a memory care unit on Lynden Road. That project is just site-servicing and foundation work with the bulk of the permit yet to come.

A new industrial building at 19 Fen Ridge also received a site-servicing and foundation permit valued at $1.9 million. The new building is going up on speculation, built by Metrus Construction.

A $400,000 permit was also issued to complete work on a full-service restaurant on Lynden Road.

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Levels of competition Heating Up in GTA Genuine Estate Market place as Rates Pick Back Up

Prepared By
Laura Hanrahan

With the spring market place in whole swing, opposition for serious estate in the Bigger Toronto Spot (GTA) is heating up as a continuously very low variety of listings leaves would-be purchasers with couple possibilities.

Revenue ended up on the up-and-up in April, achieving 7,531, according to new information from the Toronto Regional Authentic Estate Board (TRREB). This marks a alternatively sizeable 9.2% soar from March income but, notably, is a 5.2% fall from the profits witnessed in April of previous yr.

At the very same time, the selection of new listings in the GTA has remained fairly flat, much from keeping tempo with the bounce in profits. With a grand total of 11,364 new listings in April, this marks a 1.6% boost around March, and a 38.3% decrease on an once-a-year foundation.

“Many buyers have arrive to phrases with higher borrowing fees and are using benefit of reduce offering charges compared to this time final year,” mentioned TRREB President Paul Baron. “The concern going ahead will not be the demand from customers for ownership housing, but fairly the capability to meet this demand with sufficient supply. This is a coverage concern that requires sustained exertion from all stages of govt.”

Individuals reduced marketing rates, however, are transforming. With much less listings and much more customers, current market circumstances are unsurprisingly tight, aiding to force selling prices up. The average marketing selling price in April all throughout the GTA strike $1,153,269 — a slight, but not negligible, 4% maximize from just just one thirty day period prior.

“As demand for possession housing has picked up relative to provide, we are seeing renewed upward force on property rates,” said TRREB Main Market Analyst Jason Mercer. “For a small interval of time, increased borrowing costs trumped the impact of the constrained housing source in the GTA. Renewed level of competition involving prospective buyers is as soon as once again shining the spotlight on the persistent deficiency of listings and resulting influence on affordability.”

Rate raises ended up noticed throughout all housing styles, but the biggest transform was located in townhomes, in which a 5.5% month-in excess of-thirty day period improve brought the new typical price tag to $986,121. It was followed by semi-detached houses with a 4.4% jump to $1,135,599, condos with a 2.8% bounce to $724,118, and detached households with a 1.4% soar to $1,489,258.

“Lack of affordability in the GTA ownership and rental housing marketplaces has been effectively-documented,” mentioned TRREB CEO John DiMichele. “On top rated of this, homes confronted with steep cost raises for standard items and solutions have had to make tricky decisions to adapt.”

It is time for the govt to make difficult possibilities, DiMichele states, and “provide a lot more price for every tax greenback they collect” even though hunting for ways to lessen tax burdens relocating forward.

Penned By
Laura Hanrahan