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  • Writer's pictureAnastasia Sitenko

Ontario sees residential building permits decrease after pandemic highs

Data from the Municipal Property Assessment Corporation (MPAC) revealed that Ontario issued 108,080 building permits for new developments and home improvements, re

presenting an 11.6% decrease from the previous year. This is the first time in three years that a decline has been reported. MPAC attributes the decrease to people's new priorities after COVID-19 restrictions were lifted, such as experiences and travel, and higher interest rates. Residential home improvement permits decreased by more than 9%, with Toronto being the only municipality that saw an increase. Swimming pool, shed, and garage permits also decreased.

Read more in Real Estate Magazine

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