House construction in London area at record pace

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Houses, houses and more houses.

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The construction boom in London shows no signs of slowing down, with the value of new approved projects in the city more than double the pace set last year.

City hall approved $ 128 million in projects in May, bringing the five-month total for that year to $ 715 million. This is up from $ 282 million for the same period last year.

Residential construction accounts for about 83 percent of the value of construction approved in the first five months of the year.

This year “is certainly an exceptional year,” said Jared Zaifman, managing director of the London Home Builders‘ Association, adding that builders were struggling to keep up with demand.

“One of the most important things we will be working on with the city is to ensure that there is a solid supply of units so that we can make sure that demand can be met. “

In July, there were 3,966 housing starts in the London area, according to the Canada Mortgage and Housing Corporation. This equates to 93% of all housing starts in 2020 in an area that also includes Strathroy, St. Thomas and parts of Elgin and Middlesex counties.

“We still have a few months left (before the end of the year) so I expect this to be a banner year,” Zaifman said. “I think there will be some stabilization in the market to some extent, but we are still going to see very strong demand for new housing over the next couple of years.”

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