Mid-Year Update: Ontario’s Institutional Permit Values Increase by Half While Industrial Recovery Remains Confined to Central Ontario

With an overall increase of 30% as of the end of July, Ontario’s total ICI permit values are higher than they have ever been at this point in the year. This is also the case with Ontario’s industrial and commercial permit values, while institutional permits are at a three-year high. Significant revivals in institutional permit values in Greater Sudbury, Kingston, Thunder Bay, and Windsor contributed to a 50% year-over-year increase in Ontario’s institutional permit values. Major post-secondary education projects in Greater Sudbury, Kingston and Thunder Bay are driving those cities’ institutional activity. Institutional permit activity has been crucial to overall ICI growth in Ontario, with those same cities being the only outside of central Ontario to experience an increase in total ICI permit values. Total ICI permit values through the end of July have declined in London, Ottawa, and Peterborough. While Ontario’s industrial sector has seen a recovery this year, it has generally been confined to Central Ontario. Industrial permit values have declined so far this year in Kingston, Ottawa, Peterborough, Thunder Bay, and Windsor. Commercial permit values, which have already surpassed $4 billion this year in Ontario overall, have only increased in Kingston, Thunder Bay, and Windsor among the metro areas outside of Central Ontario.