York Region recorded the highest-ever construction value, estimated at $5.9 billion, continuing to accommodate a growing population of more than 1.25 million residents.
“York Region continues to show strong signs of growth with record-breaking construction values in 2023,” York Region chairman and CEO Wayne Emmerson said in a news release. “Delivering core programs and services to our residents remains of utmost importance to York regional council. Strong construction and development help us to continue to serve our growing population and build strong, caring, safe communities.”
York regional council received an update on the Regional Municipality of York’s growth and development trends through the annual .
Additional highlights from the growth and development review 2023 include:
- A total population growth of 18,737 people in 2023 to 1,258,200 residents, a 1.5 per cent increase over 2022 and the highest percentage increase since 2018
- Estimated construction value for all sectors in 2023 was $5.9 billion, a substantial increase of 37 per cent from 2022 and the highest total value ever recorded
- Residential building permits increased 69 per cent since 2022, totalling 12,022 units, the highest volume in the last decade and achieving a record-high $4.3 billion in construction value in this area
- While non-residential building permit construction value decreased by six per cent from 2022 to $1.6 billion collected in 2023, this was still above York Region’s five-year average of $1.37 billion per year; permits include industrial, commercial and institutional developments, contributing to an important balance in economic development and employment growth
- 9,945 homes were completed in 2023, an 89 per cent increase from 2022, comprising of 59 per cent apartments, 25 per cent single detached and 16 per cent townhomes, shifting towards higher-density dwellings
- Average resale home prices decreased 3.6 per cent for the first time since 2018 due to housing market shifts.
Despite strong residential construction activity, residential permits issued in 2023 were well below levels required to achieve provincial housing targets. Details on York Region’s plan to address housing affordability and monitoring housing supply can be found at york.ca/HousingAffordability.
“York Region’s increase in population continues to reinforce our communities are desirable places to live and invest,” said Richmond Hill Regional Councillor Joe DiPaola, chair of the region’s planning and economic development. “Increased construction value is imperative to align with our growth and bolster York Region’s diverse economy.”
The annual growth and development review provides an update on population, building activity, construction value and other important indicators of economic vitality and community building. The report helps inform how York Region plans for regional programs and services.
