top of page

Population Growth & Housing Completions for Richmond Hill

The housing crisis in Richmond Hill from 1990 to 2023 was influenced by several factors. Let’s explore some of the key contributors:

  1. Population and Income Growth: As the population grew, so did the demand for housing. Simultaneously, rising incomes allowed more people to enter the housing market, increasing competition for available homes.

  2. Increased Urbanization: Urbanization led to higher demand for housing in Richmond Hill. As more people moved to the area, the existing housing stock struggled to keep up with the influx of residents.

  3. Evolving Household Structures: Changes in household structures, such as smaller families or single-person households, affected housing needs. The mismatch between available housing types and evolving family dynamics contributed to the crisis.

  4. Interest Rates and Mortgage Resets: Interest rates and mortgage dynamics played a significant role. Mortgage resets in the early 2020s put financial pressure on consumers, impacting their ability to afford housing.

  5. Affordability Issues: Richmond Hill faced affordability challenges due to a high proportion of both owner and tenant households experiencing affordability issues. Many potential homebuyers were priced out of the market.

Fifty years in the making of Ontario’s housing crisis - a timeline

Housing Completions Comparison:

  • When analyzing housing completions over the decades, we observe similar fluctuations in both Markham and Vaughan.

  • These fluctuations indicate that the housing market dynamics have followed comparable patterns in these two cities.

Population Size:

  • Markham and Vaughan boast considerably larger populations than Richmond Hill.

  • The higher population density in Markham and Vaughan contributes to the demand for housing.

Richmond Hill in 2022:

Surprisingly, in 2022, Richmond Hill had more housing completions (1117) than Markham (1028) and nearly as many as Vaughan (1161). Vaughan’s Notable Increase:

  • The significant surge in housing completions in Vaughan since 2017 can be attributed to the development of the Vaughan Metropolitan Centre (VMC).

  • The VMC, which includes a subway extension, has spurred residential construction and attracted new residents.

  • Vaughan has witnessed remarkable growth in apartment buildings with more than five storeys (a staggering 40% increase).

  • This trend surpasses regional, provincial, and national averages, reflecting the city’s evolving urban landscape.

This could be an indication of what to expect in the future once the Richmond Hill Centre and the Yonge subway extension are completed.



bottom of page