Richmond Sets Building Records in 2005
15 March 2006
The City of Richmond set new annual records in 2005 for housing starts and value of construction for building permits issued. The City’s housing starts were up 40 per cent from the previous year, and the value of building construction for permits issued came in at an unprecedented $499 million.
The City’s residential housing starts totalled 2,304 in 2005, compared to 1,649 in 2004. This equates to a 40 per cent increase in 2005.
A more accurate number to measure growth is the net housing units (starts minus demolitions), and in 2005 the net housing starts were 2,022 versus 1,355 in 2004 – a 49 per cent increase over last year.
Richmond’s housing starts in recent years also show a certain shift in housing trends. Housing stock based on type of housing, single-family vs. townhouse and apartment, show townhouse and apartment units continue to increase as a percentage of Richmond’s’ housing stock - from 15 per cent in 1988 to 21 per cent in 2003.
Apartments are typically more affordable housing than single-family dwellings and so this indicates a trend to more affordable housing for those entering the housing market as well as those exiting single-family housing, looking for smaller housing, such as empty-nesters.
The City has experienced record growth, and it is managed growth, which is reflected in the City’s Official Community Plan. The Plan is a long-range vision for planning and managing the City's social, economic and physical future - containing land use and other maps to guide development in the City. Staff and Council use the plan when making decisions about zoning, development and service provision.
The Official Community Plan sets out these findings which partly guide principles to manage growth:
- As people get older they need smaller, easier to maintain homes
- Experts predict families will have fewer people and need entry level homes
- As government's resources get smaller, development can pay for services such as land for schools, parks, childcare, affordable housing, etc.
- Grouping jobs and people in core locations for better and more efficient servicing (e.g. sewer, water, transit)
- Improving the choices for housing within the neighbourhood as residents’ needs change
For more information on the Official Community Plan and to view it, please visit www.richmond.ca/services/planning/ocp/sched1.htm
