City of Moncton Building Permits reach $366 million in 2022, New All-Time Record Achieved 2023-01-13
The City of Moncton has once again surpassed its best year in annual building activity, this time by more than 23 per cent over 2021, and 43 per cent over pre-pandemic levels. The year ended with an impressive $366 million in building permits, up $69.6 million from the $296 million achieved in 2021. The latest three-year rolling average was nothing shy of $309.9 million, and 2023 is already gearing up to reach new heights.
The biggest win for 2022 was residential development, representing over 58 per cent of the year’s permit activity at $214 million (nearly $51 million more than in 2021) over 344 permits, adding 1,285 new residential units to Moncton’s housing market.
“Based on a high growth projection scenario, the City of Moncton’s population is expected to increase to approximately 116,200 people by 2046. This represents a population growth of 44 per cent, or 35,400 people,” explains Bill Budd, Director of Planning and Development. “To accommodate this growth, Moncton will need to add 16,100 new housing units to the market over the next 25 years, including a short-term (0-5 year) demand of 4,500 units. We look forward to supporting developers in undertaking this ambitious task!”
Commercial and industrial activity came in at an astonishing $63 million for 2022 over 178 permits, with the largest projects being the construction of a manufacturing enterprise located at 650 Frenette Ave. valued at more than $7.3 million, and the construction of a service station and repair garage valued at $4.6 million located at 65 Commerce St.
In 2022, downtown building permits totaled $39 million, adding 124 new housing starts to Moncton’s city centre. The most significant development was the construction of a $28.1 million, 114-unit apartment building located at 33 Foundry St. Since 2017, 849 new units have been added to our downtown market. It stands to reason that Moncton was ranked #1 by MoneySense Magazine for Best Place to Buy Real Estate in Canada in 2022!
“These numbers showcase the strength of the local market in supporting our growing population’s infrastructure needs,” explains Mayor Arnold. “The number of permits issued to build new homes and businesses for our residents is predicted to continue gaining momentum in 2023 which is great news, because building a diverse and economically viable community is what we’re all about!”
Institutional development came at a striking $82 million over 39 permits in 2022. This represented over 3.4 times the value achieved in 2021 of $24 million. The largest contributing project was the construction of the new Codiac Regional Policing Facility located at 199 Albert St., valued at $41 million.
City of Moncton, Communications