2024 Building Permit Ranking Updates

Highlights

Vaughan remains a centre for development, issuing nearly 2,300 building permits totalling $1.89 billion in construction value in 2024.
In 2024, Vaughan saw a record-breaking industrial development year. The city ranked third overall in the country by both the number and value of industrial building permits. Industrial building permits accounted for more than $815.5 million in construction value in 2024, a 116 per cent increase from 2023.
The city is one of the top non-residential development markets in the country, ranking tenth in Canada by construction value of building permits for non-residential buildings.
When looking at only Ontario, Vaughan is a top-ranking destination for non-residential development, ranking fifth by value of non-residential building permits.
Vaughan issued more than $1.1 billion in construction value of non-residential building permits in 2024, marking a 77 per cent increase year-over-year.
Vaughan remains the largest industrial market in York Region and the fourth largest industrial market in the Greater Toronto Area (GTA) after Toronto, Mississauga and Brampton, with an industrial inventory of more than 104 million square feet.
Following a period of near zero vacancy rates during the pandemic, higher vacancy and availability rates in Vaughan coincided with a record influx of new supply. Vaughan was the second largest contributor to the more than 15 million square feet cumulatively added to the GTA inventory in 2024.
The GTA industrial market saw an increase in favourable conditions for tenants as a result of increased options and declining asking net rental rates.
Looking ahead in 2025, industrial market forecasts project a reduced new supply pipeline and rent stabilization.

As an economic indicator, building permit values measure current demand in both residential and non-residential real estate markets and estimate future performance of the construction industry. Building permit activity is one indicator of the strength of the local economy, as well as a predictor of population and employment growth.

Vaughan remains a centre for development, issuing nearly 2,300 building permits totaling $1.89 billion in construction value in 2024.

While 2023 saw a record year of residential development by construction value in the city, 2024 was dominated by a record year of industrial development. Since 2014, the City has issued more than 42,000 building permits representing more than $17 billion in construction value[1].

In 2024, Vaughan saw a record-breaking industrial development year. The city ranked third overall in the country by both the number and value of industrial building permits. Industrial building permits accounted for more than $815.5 million in construction value in 2024, a 116 per cent increase from 2023.

Vaughan saw a record-setting year of industrial development activity. The value of industrial building permits for 2024 was more than $815.5 million[2]. This represents a 116 per cent increase from 2023, and an increase of approximately $377.1 million in construction value for the industrial market.

Nationally, Vaughan’s record year reflected in rankings for 2024 of industrial markets by construction value of permits. This is the highest national ranking that the city has seen since 2011 when comparing industrial development activity[3].

Top 10 Canadian Industrial Markets by Value of Permits, 2024
1. Toronto	6. Vancouver
2. Windsor	7. Winnipeg
3. Vaughan	8. Edmonton
4. Québec	9. Montréal
5. Brampton	10. London

Vaughan’s industrial market also remains one of the busiest in the country by the number of industrial permits issued in 2024, ranking third nationally.

Top 10 Canadian Industrial Markets by Number of Permits, 2024
1. Mississauga	6. Edmonton
2. Toronto	7. Montréal
3. Vaughan	8. London
4. Calgary	9. Winnipeg
5. Brampton	10. Ottawa

The city is one of the top non-residential development markets in the country, ranking tenth in Canada by construction value of building permits for non-residential buildings.

Vaughan ranks tenth overall in the country by value of permits for non-residential building permits. This includes all industrial, commercial, and institutional (ICI) development[4]

Top 10 Canadian Development Markets (Non-Residential Buildings) by Value of Permits, 2024
1. Toronto	6. Brampton
2. Montréal	7. Mississauga
3. Calgary	8. Winnipeg
4. Vancouver	9. London
5. Edmonton	10. Vaughan

When looking at only Ontario, Vaughan is a top-ranking destination for non-residential development, ranking fifth by value of non-residential building permits.

When looking at only Ontario, Vaughan is in the top five census subdivisions as measured by construction value of non-residential building permits.

Top 10 Ontario Development Markets (Non-Residential Buildings) by Value of Permits, 2024
1. Toronto	6. Ottawa
2. Brampton	7. Windsor
3. Mississauga	8. Hamilton
4. London	9. Kitchener
5. Vaughan	10. Oakville

Vaughan issued more than $1.1 billion in construction value of non-residential building permits in 2024, marking a 77 per cent increase year-over-year.

The construction value of non-residential building permits for 2024 was more than $1.1 billion[5], which represents a 77 per cent increase from 2023, or an increase in permit construction values of approximately $630.6 million. The overall number of non-residential building permits grew by 18 per cent from 2024, reflecting an increase from 519 to 613 non-residential building permits.

Vaughan remains the largest industrial market in York Region and the fourth largest industrial market in the Greater Toronto Area after Toronto, Mississauga and Brampton.

Vaughan continues to be one of the largest industrial markets in the Greater Toronto Area (GTA) after Toronto, Mississauga and Brampton, with a total industrial inventory of more than 104 million square feet at the end of the fourth quarter[6]. The City continues to represent the majority, contributing to 61 per cent of the total industrial inventory in York Region.

Following a period of near zero vacancy rates during the pandemic, higher vacancy and availability rates in Vaughan coincided with a record influx of new supply. Vaughan was the second largest contributor to the more than 15 million square feet cumulatively added to the GTA inventory in 2024.

In the fourth quarter of 2024, the vacancy rate and availability rate in Vaughan for industrial properties have increased (2.7 per cent and 3.7 per cent, respectively), following a near zero industrial vacancy and availability rate seen during the height of the pandemic. This coincides with a record influx in new supply across the GTA, which saw more than 15 million square feet in new supply added to the GTA inventory in 2024.Vaughan was home to more than 3 million square feet of new supply to the GTA industrial market, contributing the second highest amount of new supply and accounting for nearly one-fifth of the total inventory across the GTA.

The GTA industrial market saw an increase in favourable conditions for tenants as a result of increased options and declining asking net rental rates.

By the end of 2024, the market provides tenants with cautious optimism to choose from a market delta of new and existing facilities and declining asking net rental rates. In the fourth quarter, the GTA has recorded positive absorption across the board, largely due to record new supply from “pandemic boom” developments. This is tempered by declining asking net rental rates, the fifth consecutive quarter decrease to $17.63 by the fourth quarter of 2024. The GTA industrial market remains active for large retailers, food and cold storage, automotive supply chain and data center groups looking for space.

Looking ahead in 2025, industrial market forecasts project a reduced new supply pipeline and rent stabilization.

Industrial market forecasts for 2025 indicate a reduced pipeline of new supply, as well as rent stabilization. The GTA industrial market is expected to see a projected 10.2 million square feet coming online and less than 7.5 million square feet remaining available in 2025[7].

[1] Summary of Construction Activity to December 31, 2024. (2024). Building Standards Department, City of Vaughan.

[2] Summary of Construction Activity to December 31, 2024. (2024). Building Standards Department, City of Vaughan.

[3] Value and Number of Permits for the New Top 30 CSDs Residential and Non-Residential Buildings. (2024). Statistics Canada.

[4] Value and Number of Permits for the New Top 30 CSDs Residential and Non-Residential Buildings. (2024). Statistics Canada.

[5] Summary of Construction Activity to December 31, 2024. (2024). Building Standards Department, City of Vaughan.

[6] Q4 2024 Toronto Industrial Market Report. (2024). Colliers.

[7] Toronto Industrial Figures Q4 2024. (2024). CBRE.

DEFINITIONS

Industrial buildings are defined as buildings used in the processing or production of goods or related to transportation and communication.

Commercial buildings are defined as buildings used in the trade or distribution of goods and services.

Institutional buildings are buildings used to house public and semi-public services, such as those related to health and welfare, education, or public administration, as well as buildings used for religious services.

Residential buildings are defined as buildings intended for private occupancy whether on a permanent basis or not. Dwellings are divided into the following types: single-family, mobile, cottage, semi-detached, row house and apartment building.

Non-Residential buildings are all buildings not intended for private occupancy whether on a permanent basis or not. This includes buildings used for institutional, commercial, or industrial purposes.

Vacancy rate is the percentage of all available space in a market that is unoccupied or vacant at a given time.

Availability rate is the percentage of all available space in a market that is ready for immediate occupancy or expected to be ready within the next year. This includes available units in buildings under construction that are planned for completion within the next year.

Economic Development monitors economic trends, including non-residential market conditions. To stay up to date on the latest, following us on LinkedIn at Vaughan Economic Development or visit vaughanbusiness.ca/Insights