New construction continues to fuel Brampton’s economy

Bramptonguardian.com
April 19, 2016
By Peter Criscione

Brampton ranked among the hottest construction markets in the country last year with more than 5,000 residential units built, newly released figures show.

The City released its annual economic report, which provides an updated list of economic and population indicators.

The total population for Brampton was 523,911 according to the 2011 Census, but that number is estimated to now be closer to 600,000.

Unemployment in Peel (Brampton, Mississauga and Caledon) dropped to 6.8 per cent, the lowest level since the global economic downturn of 2008.

Close to 208 new businesses set up shop last year and added 1,466 jobs, although new employment is down overall from previous years.

Brampton’s total construction value in 2015 hit $2.7 billion, (up roughly 20 per cent from 2014) making it the sixth largest construction market in the country.

Industrial construction activity increased nearly 100 per cent, while commercial construction activity was down 42 per cent, and institutional construction dropped 41 per cent.

Among the new builds was Canon Canada’s new 190,000 square-foot, $66-million headquarters at Mississauga Road and Steeles Avenue West. 

The industrial vacancy rate (proportion of unfilled space) was also down just over one per cent, dropping from 5.5 to 3.9 percent in 2014.

The average house price in Brampton climbed to $ $488,497 or up 10 per cent ($444,007) over 2014.

Close to 9,365 resale homes were sold over 12 months, which is an increase of 12.4 per cent from the year before.

In 2015, Brampton’s residential construction market ranked the second largest in the Greater Toronto Area (after Toronto) and fifth largest in Canada.

According to Tuesday’s report, a total of 5,449 residential units were created, valued at close to $2.2 billion, or a 36.5 per cent increase over 2014.

The average price for a new, single detached home in Brampton was $615,926 in 2015, compared to $591,968 a year before.

Close to 400,000-sq.-ft. was added to the City’s commercial inventory, totalling $83.5 million in construction value. Statistics Canada placed Brampton fifth in the Greater Toronto Area and twenty-first nationally in construction value rankings.