Ontario Construction News staff writer
The City of London has released its 2024 Annual Development Report, revealing a major rebound in development activity, record-breaking housing approvals, and substantial progress in meeting affordable housing targets. This year’s report highlights significant growth across various sectors, marking 2024 as a year of transformative development for the city.
The report provides an overview of development activity in London, serving as a vital tool for the City Council, developers, and community members. It also supports the Growth Management Implementation Strategy (GMIS) and plays a crucial role in guiding infrastructure planning.
Highlights:
- 22,890 new housing units approved in 2024, including major developments on the former London Psychiatric Hospital lands and in the Oxford Street West and Proudfoot area.
- 3,700 building permits issued for new units, marking a 114% increase over 2023.
- 2,139 affordable housing units tracked.
- 67% increase in Additional Residential Units (ARUs), with 434 approved.
- 130% increase in industrial development and 123% growth in institutional projects, including construction of new schools, healthcare facilities, and long-term care homes.
The city has implemented process improvements that have dramatically reduced review and approval times for a variety of development applications, including site plan approvals, minor variances, consents, and zoning amendments.
“This year’s report shows that London is responding to housing needs with record approvals and a strong push toward increasing supply,” said Mayor Josh Morgan. “The work done this past year will be transformative for our city. These numbers reflect Council’s commitment to responsible growth, addressing housing needs, and strengthening our local economy.”
Total construction value reached $2.2 billion, an 82.2% increase from 2023.
Comparison to recent years:
- 2023: $1.21 billion and 1,726 units
- 2022: $1.59 billion and 2,598 units
- 2021: $1.63 billion with 3,999 units
Major construction projects:
- Largest project by value: $192.6 million – Eight storey student residence at 1151 Richmond Street
- Largest industrial project: $125.7 million – Warehouse expansion at 2300 Discovery Drive
- Largest residential project: $98.2 million – 11 storey, 217-unit apartment at 230 North Centre Road
“2024 was a year of extraordinary growth,” said Scott Mathers, deputy city manager housing and community growth. “London is building more homes than ever before while shifting towards sustainable growth patterns. We are seeing strong investment in apartment buildings and non-residential development, both of which contribute to our long-term vision of a vibrant and resilient city.
“Last year, London reached a new major milestone for the highest all-time construction value on record of $2.21 billion. This new record highlights the hard work and collaboration between City staff, developers, builders, community and trades partners and businesses.”
Click the link to view monthly housing indicator highlights previously brought to council through reports to Planning and Environment Committee or click london.ca/morehomes for more information.
