Construction activity in Vaughan tops $1 billion in 2013

Vaughan Citizen
January 14, 2014
By Kim Champion

For three quarters of the past 12 years, annual construction activity in Vaughan surpassed the $1 billion mark.

The only years that didn't see billion-plus growth in Vaughan were 2004, 2005 and 2012.

“At a time when the Canadian economy continues to have challenges, this high level of investment in Vaughan sets us apart and showcases the advantages of our diversified local economy and our outstanding community services,” Mayor Maurizio Bevilacqua said in a news release. “Our city is becoming established as a major urban centre in the GTA with a good balance of residential, retail and office investments.”

In 2013, building permits issued in Vaughan totalled $1.102 billion, which represents a 42-per cent increase over the value of permits issued in 2012 ($778.0 million).

The residential component accounts for 67 per cent ($735.3 million) of issued permits with new condominium apartments outpacing single family dwellings, including townhouses and semi-detached homes.

This increase in mixed-use, high-rise residential units is consistent with the city’s goals of achieving intensification and transit-oriented developments, the release states.

The commercial sector recorded strong growth in the areas of office development, retail structures and restaurants. Compared to last year, construction of commercial properties increased by 49 per cent.

The continuing investment in public transit infrastructure accounted for almost half of the $103.6 million in institutional building permits, which includes the 8.6-kilometre Toronto-York Spadina subway extension line into Vaughan.