This week, the City released its 2024 Annual Development Report, highlighting a major rebound in development activity, record-breaking increases in housing approvals, and strong progress toward affordable housing targets.
The report provides a yearly update and commentary on development activity in London and serves as a critical monitoring tool for Council, developers, and community members. It will also support the Growth Management Implementation Strategy (GMIS) and inform infrastructure planning.
Key report highlights:
- 22,890 new housing units approved, including major projects on the former London Psychiatric Hospital lands and the Oxford Street West and Proudfoot area.
- 3,700 building permits for new units issued, marking a 114% increase over 2023.
- Affordable housing progress: 2,139 affordable housing units tracked. The City surpassed its Federal Housing Accelerator Fund (HAF) housing target and continues to make progress toward its goal of 3,000 affordable housing units.
- 434 Additional Residential Units (ARUs) approved, a 67% increase from 2023.
- In addition to housing, industrial, commercial, and institutional sectors also saw major growth, with a 130% increase in industrial projects and 123% growth in institutional developments, including new schools, healthcare facilities, and long-term care homes.
- Ongoing process improvements have streamlined approvals, significantly reducing review and approval times for site plan applications, minor variances, consents, Official Plan and Zoning By-law 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.”
Construction activity by the numbers:
Total construction value reached $2.2 billion, reflecting 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 project highlights:
- Largest project by value: $192.6 million – 8 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
- Significant housing developments: Over eight major apartment projects ranging from 77 to 273 units.
- Institutional growth: New elementary schools, long-term care homes, and healthcare facilities.
- Infrastructure expansion: Water filtration system upgrades and food processing/manufacturing plants.
“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.”
The 2024 Annual Development Report is the sixth annual report prepared by staff to provide a summary of historic and projected near-term growth of residential, commercial, institutional, and industrial development; 2020-2024 development application activity; planning and development process improvement initiatives and updates on affordable housing units and residential units in development approval stages.
Monitor monthly housing indicator highlights that were previously brought to Council through reports to Planning and Environment Committee.
Learn more about how London is building for our future at london.ca/morehomes.