York Region population grows to over 1.25 million residents
York Region recorded the highest ever construction value, estimated at $5.9 billion, continuing to accommodate a growing population of over 1.25 million residents, as highlighted in the annual Growth and Development Review.
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% 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% from 2022 and the highest total value ever recorded
- Residential building permits increased 69% 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 6% from 2022 to $1.6 billion collected in 2023, this was still above York Region’s 5-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% increase from 2022, comprising of 59% apartments, 25% single detached and 16% townhomes, shifting towards higher density dwellings
- Average resale home prices decreased 3.6% 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
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.
Find out more about how York Region manages and monitors growth at york.ca/Planning
