Here's How Much Brampton Spent on Construction in 2017
As Canada’s ninth largest city that’s constantly growing, there’s a lot of construction that happens in Brampton. Last year alone, the city spent over a billion dollars on new developments, including residential, commercial, industrial, and institutional buildings.
One might wonder whether Brampton will eventually run out of space.
Well, we’re safe for now. The numbers are out and Brampton spent a whopping $1.4 billion on construction in 2017.
The bulk of money was spent on residential construction, ringing in at $1 billion.
That includes “approximately 3,000 housing units with demand continuing to increase in the residential resale market,” according to a recent report from the city.
“According to the Toronto Real Estate Market, Brampton recorded 8,771 sales of residential dwellings, which equates to over $6 billion, with an average selling price of $699,295 (an increase of 19.6 per cent from 2016). Brampton continues to have one of the lowest home prices within the Greater Toronto Area.”
Next, Brampton spent $194 million on industrial construction in 2017.
Brampton has one of the largest industrial inventories across the Greater Toronto Area (GTA), according to the city, accounting for 12 per cent of all industrial space.
Of course, housing new industrial spaces also means adding a ton of new jobs and generating new investments, too.
“New construction generated over $95 million in investment and added over 800,000 square feet to the industrial inventory, housing new companies like Gay Lea Foods and Emblem Logistics,” reads the report. “Expansions to existing facilities added more than 150,000 square feet and over $22 million in investment to the city.”
Here’s a look at some of the new jobs that were created as Brampton houses more industrial and commercial spaces:
Speaking of commercial developments, Brampton added 410,000 square feet of commericial space to the city for $117 million. Twenty-eight retail developments began construction, including the Hilton Garden Inn at 200 Steelwell Road and the new Brampton Honda dealership at 30 Ace Drive.
In 2017, Brampton also spent $80 million on institutional development, totalling 253,000 square feet of space.
“Institutional development slowed in 2017 following the previous banner years, adding the Peel Memorial Centre as well as ErinoakKids,” reads the report. “The Brampton Courthouse began its expansion, adding 138,000 square feet to the existing building. Jain Temple also began construction of the new $5 million building.”
Here’s a breakdown of some of the most notable developments that are part of the massive investment.
According to the most recent data from Statistics Canada, Brampton ranked 10th in the country for total construction value in 2017, and third in the GTA, with a total of 7.6 million square feet of development last year.
Brampton also saw a nine per cent increase in businesses and a four per cent increase in jobs last year.
“The high level of construction activity in Brampton is another important indicator of the investment being brought into the region,” reads the report.
“With high growth expected to continue until 2041, the City of Brampton is in a strong position to attract investment, and will remain among the country's most active markets in the coming decades.”
Brampton is set to undergo some major transformations over the next few years. With a new university on its way, a Light-Rail Transit stop at Brampton Gateway Terminal on the Hurontario LRT, the downtown streetscape project, a new health and life sciences cluster coming, and even a futuristic Riverwalk planned along the Etobicoke Creek, it’ll be interesting to see how different Brampton looks in just a few years due to all of the new construction projects.
What do you think of all of the construction happening in Brampton?
You can read the full report here.
All graphics courtesy of the City of Brampton
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