Richmond Sets More Building Records in 2006
15 January 2007
The City of Richmond set a new annual record in 2006 for value of construction for building permits issued. The value of building construction for permits issued came in at an unprecedented $660 million. This equates to a 32 per cent increase over 2005, the previous record year. The City’s housing starts were also very strong at 2,362 in 2006, compared to 2,304 in 2005.
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. 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’s record growth is provided for within the 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.
As part of its commitment to managing growth, Richmond has launched a number of initiatives, including a major update of its City Centre Area Plan and development of a new Affordable Housing Strategy. The City will also begin a major update of the Official Community Plan later this year.
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