Source: Canada Mortgage and Housing Corporation (CMHC), Starts and Completions Survey, December 2023; CMHC Rental Market Survey, October 2023; CMHC, adapted from Statistics Canada (Census of Canada and National Household Survey), 2021. This information is reproduced and distributed on an “as is” basis with the permission of CMHC.

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Our latest analysis of Richmond Hill’s housing market reveals notable trends in housing starts, completions, vacancy rates, and rent dynamics, offering a comprehensive look at the city’s real estate landscape over the past 14 years.\

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New Housing Construction

Average length of new constructions shows:

• Apartments: The average construction time for apartments has reached one of the highest points in the last decade, at 27.6 months. This trend has been either fixed or increasing in recent years.
• Single and Row Houses: The construction times for single and row houses have also been either stable or on the rise during the same period.
• Semi-Detached Houses: In contrast, the construction time for semi-detached houses has been on a decreasing trend.

Started and Completed new constructions data shows:

• Over the past 14 years, apartments and row houses held the majority share of project starts. However, there was a sharp decline in these types of projects last year, while single-family homes saw an upward trend in new starts.
• The completion rates for housing projects show varied patterns. Apartment projects had the highest completion rates, with an overall upward trend over the past three years. Single-family home completions remained consistent in recent years, while row house completions followed a sinusoidal pattern.

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Primary Rental Market

Vacancy rate data shows:

• Bachelor Units: These units have maintained the lowest vacancy rates, hitting 0% in recent years.
• One-Bedroom Units: Vacancy rates for one-bedroom units have fluctuated since 2019, with an increase observed in 2023 compared to 2022.
• Two-Bedroom Units: Since 2020, vacancy rates for two-bedroom units have been on a steady decline, making them among the lowest in the market.
• Three-Bedroom Units: These units have been trending towards a 0% vacancy rate since 2020, except for a slight increase in 2021.

Rental Market Trends Shows:

• ِDespite increasing vacancy rates, median rents for all unit types have risen, continuing a decade-long upward trend. The most significant rent increases were observed in two-bedroom units.

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Population and Households

A survey of 69,315 households reveals that

• 57% are single-family homes, with duplexes and low-rise apartments making up less than 10% of the market.
• More than half of the population earns over 100K CAD annually, while around 5% earn less than 20K CAD.
• The majority of households (27%) consist of two people, while the smallest group (12%) comprises five-person families.