London Ontario, May 25, 2021 – The London and area new home market saw a very strong start for the year with 1,899 housing starts up from 1,145 in the previous year over the same period. This represents a 66% increase in starts and is particularly significant as last year saw the highest number of home starts in the last decade which puts the industry on pace for another record setting year.
The significant increase is largely attributed to growth in the single-detached and apartment segment with 790 single-detached starts which outpaces the 10 year average of 370. As per the CMHC there is significant interest in single-detached homes in London and area “owing to a surge in demand for more spacious homes since the pandemic.”
“The newly released housing starts statistics continue to show that demand for housing in the region isn’t going anywhere,” said Jared Zaifman, CEO of the LHBA. “As buyers from across Ontario and Canada continue to see London as an affordable option as well as strong and growing interest from Londoners looking to become homeowners, we expect to see demand continue to grow and it is vital that we work to ensure we have a consistent supply to meet the consistently growing demand.”
The London CMA achieved two other historical records in April including:
- Breaking ground on 755 homes, the second highest total for a single month in London, and the highest on record for the month of April.
- Beginning construction on 277 single-detached homes, the highest on record for the month of April.