For the first time in five years, quarterly year-over-year ICI permit values in Ontario fell in all three sectors. Total ICI permitting in Ontario in Q2 was one-third (or $1.37 billion) less than in Q2 2015. The biggest drop was in the institutional sector which lost half of its value. At the regional level, the situation is polarized. Permit values in some regions were at their lowest in several years while in other regions values were at their highest.
Ontario’s overall decline was led by the GTA and Central Ontario. All three sectors in the GTA were down significantly. Central Ontario had its worst Q2 in four years, with the industrial and institutional sectors each losing about half of their value. Although the commercial sector in Northern Ontario was strong, declines of nearly 50% in the industrial and institutional sectors caused the region to see its lowest Q2 permit values since 2003.
Despite these declines, the news in Eastern and Southwestern Ontario is positive. Eastern Ontario fueled by the commercial sector had its highest Q2 since 2010. Southwestern Ontario had its highest Q2 since 2011, led by record high permitting in the industrial sector, and a four-year high in commercial permit values.
Select from any of the regions below: