Region of Waterloo sees record-setting 2023 with billions in new construction

With just shy of $2 billion worth of activity, it was a record-setting year in the Region of Waterloo when it comes to new construction,

A staff report coming to the Planning and Works committee meeting on Tuesday morning states “The total value of new construction in Waterloo Region in 2023 was $1.985 billion, representing a record year in terms of construction value.”

The report cites exceptional growth in the residential sector, with 38 per cent more construction than in 2022, for a total of $1.58 billion.

However, the report also cites a decline of 38 per cent in non-residential construction last year, down to $404 million, but even that is still 7 per cent better than the 10-year average in the Region.

There were 6,158 permits issued for residential units in 2023, 28 per cent more than in 2022, and well above the 10-year average.

Of those, about three-quarters were for apartment units.

Single-detached home construction was down by 34 per cent, to 603 units.

Construction of townhomes was stable in 2023 compared to the year before.

The report also notes a trend in adding apartments to existing homes, like putting in a basement apartment or a garden suite.

That made up 18 per cent of new units last year, compared to 2 per cent to 4 per cent before 2019.