Regional development activity in 2022 signals strong economic and housing growth

Waterloo Region - A near $1.8 billion in new building permits were issued in Waterloo Region in 2022 - a near record year for new building permit value in the region. 

New building construction, as measured by building permits issued, is an indicator of the continued strength of the local economy. In 2022, the combined total of residential and non-residential projects was 33% higher than the ten-year average, an amount supported by a significant increase in non-residential construction. 

“Waterloo Region is among the fastest growing communities in Canada, thanks to our vibrant industries, local talent and world class postsecondary institutions” said Karen Redman, Regional Chair. “Working with our partners, we must continue to plan and strategically invest to accommodate future commercial and residential growth across our region.” 

Over $1.1 billion in permits were issued for new residential construction in 2022, which represents a total of 4,662 new residential units. While these amounts have come down compared to 2021, it is above the ten-year average. The mix of new units added in 2022 was predominantly apartments and townhouses, and about a quarter were in the region’s central transit corridor. 

Building permit issuance across the region within area municipalities exceeded the potential growth projections indicated in the Regional Official Plan, rapidly expanding housing and employment growth. In August, Regional Council adopted an Official Plan amendment that approved the addition of 121,000 new housing units in the region, through the development of a range and mix of housing and 15-minute communities.  

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