Despite seeing its land supply drop by nearly 50 hectares, Richcraft continues to hold the largest supply of vacant urban property among Ottawa homebuilders, according to city data.
Richcraft held 244.7 hectares of vacant residential land at the end of 2011, or 11.7 per cent of the city’s total supply. The information is contained the city’s annual vacant urban residential land survey, tabled late last month.
When joint ventures are factoring in – Richcraft is a part of both KNL Developments as well as CT Developments – the homebuilder’s share climbs to 18 per cent.
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The second-largest land supply is held by Urbandale, with 227 hectares, or 10.8 per cent, which is mostly concentrated in Riverside South and Kanata. When Urbandale’s joint venture with Richcraft in KNL Developments is factored in, its share increases to 15 per cent.
Other major landowners include Minto (189.2 hectares, or nine per cent of the total supply) and Mattamy (124.1 hectares, or 5.9 per cent).
All four of the largest landowners saw their respective inventories decrease from 2010. The overall net supply of vacant residential land available for development dropped to 2,093 hectares, down from 2,301 in 2010.
City staff say this represents a 19-year supply of land, based on project demand, and is significantly more than the 10-year supply required under provincial regulations.
The city report does not include the additional land that will be available for development as a result of a 2011 Ontario Municipal Board that directed the city to further enlarge its urban boundary.
