London saw 211% increase in new housing starts of all types from August 2023 to August 2024 - that’s according to the latest data from the Canada Mortgage and Housing Corporation (CHMC). New housing starts in August 2024 equated to 470 units, as compared to 171 seen in August 2023. The only population centres in Canada over 10,000 to outpace London by this same metric were Peterborough, and Oshawa.
That being said, across Ontario, despite the province’s best efforts, housing starts are actually down 25 per cent year over year. (Source: CMHC) "Growth in actual year-to-date housing starts has been driven by both higher multi-unit and single-detached units in Alberta, Quebec and the Atlantic provinces. By contrast, year-to-date starts in Ontario and British Columbia have decreased across all housing types.
As the housing shortage continues, higher levels of construction are needed to restore affordability in Canada's urban centres," said Bob Dugan, CMHC's Chief Economist. Several larger population centres saw record housing starts in 2023, which negatively skewed the year over year data. In Canada’s urban centres, there have been just under 150,000 actual housing starts in 2024 so far.
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