The new home construction industry in London Ontario is booming. Nothing but growth has been seen over the last number of years in new home construction. With 32 new home construction neighborhoods and communities throughout London Ontario the demand is real.
New apartment and condo approvals have doubled in the last year while Single family residential approvals have decreased. This could be due in part of the housing affordability changes such as increased home values and stricter mortgage guidelines. Home buyers are seeking town homes, apartments and condos as an initial home purchase as they can tend to be more affordable.
With the increase in rents over the last few years in London Ontario the demand for new home construction apartments and condos have increased as they are appealing to landlords that can capitalize on more cash flow.
Building has skyrocketed reaching slightly over the $1 Billion dollar mark two years in a row in London Ontario.
In nearly every corner of the city you will find new home construction spreading. Not just new homes, many communities are expanding to include commercial areas with shopping, entertainment, restaurants and even industrial.
This is a true sign of a great economy.
London Ontario will continue to see steady numbers in the new home construction industry although it is not confirmed that it will continue on the rapid increase it has seen over the last few years.
Know The Numbers:
New Home Construction Permits in London Ontario in 2018
Total: $1.1 Billion
Residential: 2702, $763.2 Million
Commercial: 503, $142 Million
Institutional: 236, $54 Million
Industrial: 41, $4.36 Million
Connect with our new home construction specialists if you are interested in buying or building in a new home construction area in London Ontario