Both the number of building permits and their value saw a decline during the months between January and September 2016.
According to a report included in the latest regional council information package, the value of building permits in Durham Region was down 14.1 per cent for the first nine months of 2016, dropping to $1.0977 billion from $1.2782 billion. Oshawa was among the biggest losers, with its values dropping 44.6 per cent to $264 million from $476.5 million. The report also notes that while Oshawa made up 37.3 per cent of regional building permit values for the first nine months of 2015, it fell to 24 per cent the following year.
The number of residential building permits for the same time period fell 16.6 per cent region wide, going to 2,675 from 3,208. Oshawa saw the largest decrease, falling 57.2 per cent to 542 from 1,265 the year before.
While the value of non-residential building permits did fall 4.1 per cent last year, Oshawa saw an increase of 30.2 per cent, rising to $87.1 million from $66.9 million.
The report concludes that the downward trend may continue into 2017, stating that the Canada Mortgage and Housing Corporation has noted that in 2017, “a slower than expected Ontario economy, rising debt loads and rising housing imbalances, especially in the GTA, can result in weaker housing activity.”