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Richmond Hill Housing Starts/Under Construction/Completions

We’ve analyzed First Quarter figures (January, February, March) from 2015 to 2024:

Housing Starts:

  • These numbers have fluctuated significantly over the years.

  • The lowest recorded start was 41 in 2016/Q1, while the highest was 635 in 2021/Q1.

Houses Under Construction:

  • Consistently, the number of houses under construction has exceeded both housing starts and completions.

  • This suggests ongoing development and growth in the area.

Completions:

  • Interestingly, they show the lowest figures, indicating that not all started projects are completed immediately.

Trends:

  • The years 2018 to 2020 witnessed the largest percentage decreases in total dwellings built compared to the previous Q1.

  • Encouraging to see that the first quarter of 2024 already has 211 housing starts compared to Q1 2023 which saw 120 starts.


Definitions (CMHC)

Housing start

  • Defined as the beginning of construction work on a building.

  • This is usually when the concrete has been poured for the whole of the footing around the structure or an equivalent stage where a basement will not be part of the structure.

Under Construction

  • Refers to the number of units under construction at the end of the period shown and takes into account certain adjustments which are necessary for various reasons.

  • For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start.

Completion

  • Defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10% of the proposed work remains to be done.

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