2024: Record-Breaking Year for Residential Growth in Riverview

From breaking ground to breaking records, Riverview’s 2024 building activity reached its highest recorded year in history for permit numbers and value. Last year, building permit activity reached $137 million in value, representing four times the value achieved in 2023 and an increase of over $100 million over the last two respective years. The Town also saw an increase in permits issued in 2024, allocating 180 compared to 145 the previous year.

“2024 was the biggest year for single unit dwellings as well as for multi-unit projects in the last five years – the reality of housing is that it’s not a zero-sum game,” explained Economic Development Manager, Shanel Akerley. “More housing units were permitted across all categories last year except for town and rowhouses. This is illustrated in Riverview’s improving residential vacancy rates that stand at 1% as of October 2024, an increase from 0.7% back in 2023.”

Construction activity was primarily driven by residential development as the market responded aggressively to housing shortages. The Town was pleased to see developers rise to the opportunity to deliver a greater supply of homes across a variety of types to new and existing residents. From single unit dwellings to apartments, duplexes to townhouses, and accessory dwelling units and beyond, 444 new housing units in total were permitted in Riverview last year. Not to mention, the Town launched two new housing grants last July, incentivizing the creation of housing units in high demand identified by the Riverview’s Housing Needs Assessment and an associated resident survey. The Housing Accelerator Fund Garden and In-Law Suite Development Grant and the Housing Accelerator Fund Affordable, Barrier-Free, and 3-Bedroom Unit Development Grant have received 10 applicants in total since launch and offer developers and residents alike the chance to offset their construction costs until 2027.

“We look forward to seeing the benefits of the record-breaking construction activity we’ve had this past year, something we hope will work toward closing the gap between housing demand and supply,” stated Mayor Andrew J. LeBlanc. “We often hear of seniors looking to downsize, first time homebuyers looking to secure property, and families new to the area looking to rent, and so it’s great to see projects come forward that respond to the different needs of our evolving resident profile.”

A holistic review of Riverview’s Municipal Plan and zoning bylaw are currently underway. The review committee meets monthly to discuss the town’s future residential and commercial nodes, zoning provisions, building requirements, commercial, institutional, and residential needs, environmental considerations, community character and values, and more. Scheduled to be complete before the end of 2025, the new plan will require Council endorsement and have major implications for development over the next decade.  

“By reviewing our Municipal Plan and zoning bylaw, we’re ensuring future development aligns with the needs of our growing community – promoting sustainable growth, housing diversity, and vibrant neighbourhoods as the ultimate objectives of these tools,” explained Planner, Sam Gerrand from Plan360. “2024 saw the number of new lots created more than double in comparison to the previous year, reaching 95 (up from 45 in 2023). This suggests we might expect to continue seeing higher levels of development in 2025 as these new lots are built out. As Riverview grows, we seek to work with developers on these projects to optimize land use, ensure legislative requirements are met, and ultimately advocate for the community’s best interests.”