Close to $1.8 billion in new building permits were issued in the area, according to Waterloo Region, which says is approaching record levels.
“Waterloo Region is among the fastest growing communities in Canada, thanks to our vibrant industries, local talent and world-class post-secondary institutions,” Chair Karen Redman stated.
“Working with our partners, we must continue to plan and strategically invest to accommodate future commercial and residential growth across our region.”
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The region says the total of housing and non-residential projects was 33 per cent higher than the 10-year average.
There were 4,662 new residential units permitted across the region, which represents more than $1.1 billion of the total permitting. The region says these amounts have fallen slightly off the pace from 2021.
About 25 per cent of those units are to be built along the central transit corridor with the majority either being apartments or townhouses.
The region says the number of permits issued exceeds potential growth projections from the Regional Official Plan, which it amended last August to allow for a further 121,000 new units in the area.
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