The time is now

The pieces are in place for London’s ambitious homelessness response. It’s what we do next that matters

THE PRIME MINISTER and the federal Liberal caucus were in London last week and they made two key housing-related announcements. Firstly, $74 million was pledged from the Housing Accelerator Fund to London, the first city to gain access to funds. This was a great compliment to our mayor and council for their lobbying work behind the scenes as well as their approved zoning changes that paved the way for the announcement.

Secondly, the elimination of GST to accelerate the building of residential units in Canada. This was an important step, perhaps the first of many, to incentivise the construction of rental properties. A similar tax-relief measure worked in the 1970s and it should spur construction again.

As of mid-September, there were 2,083 homes for sale in the London and St. Thomas area (Middlesex and Elgin counties). The vast majority, 97 per cent, are priced over $300,000; 43% of them are priced above $1 million. Of the 54 properties for sale under $300,000, only seven are detached houses. The rest are mobile homes on lease land, apartment homes and one townhome. 

There is no shortage of housing currently in London, but there is an emergency shortage of affordable and supportive housing. 

We have virtually four months supply of housing, but less than three per cent of it is deeply affordable. We hope the City of London ensures the $74 million gets directed where the need is greatest ― affordable and supportive housing. 

On the rental side, the vacancy rate in Ontario is below two per cent, and London is even tighter than the average. Consequently, every month we hear of average rents increasing. Affordable rental housing no longer exists in most urban environments, where population and jobs are concentrated. Incentivising rental housing construction may be the most important government action taken to help resolve the affordable housing crisis.

The supportive housing gap that exists in our country is what fuels the homeless crisis. Funding, expediting and staffing this housing component is what will separate Canada from the rest of the developed world in the next decade. This is the area in which London leads the country, with the first-of-its-kind collaborative strategy to combat homelessness, the Whole of Community System Response (needs a much better name!). 

Rental housing plans. Affordable housing plans. Supportive housing plans. Our leaders must illustrate their willingness to act decisively with bold plans. Our economy and social fabric are at risk ― the time is now.

Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.

High- and low-priced real estate listings around town this week

London East

Low

Address: 59-2189 Dundas Street East
MLS number: 40456021
List price: $169,000
Days on market: 63
Size: 2 bedroom, 1 bathroom, 510 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc.

High

Address: 826 Colborne Street
MLS number: 40473631
List price: $2,199,000
Days on market: 26
Size: 4 bedrooms, 5 bathrooms, 4,300 square feet
Listing agent: Rob Sutherland, Sales Representative, Prime Real Estate Brokerage

London North

Low

Address: 312-600 Grenfell Drive
MLS number: 40480620
List price: $324,900
Days on market: 8
Size: 1 bedroom, 1 bathroom, 859 square feet
Listing agent: Dean Soufan, Broker, Century 21 First Canadian Corp.

High

Address: 15 Denali Terrace
MLS number: 40470666
List price: $4,250,000
Days on market: 32
Size: 6 bedrooms, 5 bathrooms, 7,516 square feet
Listing agent: Mike Sloan, Sales Representative, Royal Lepage Triland Realty

London South & West

Low

Address: 67-198 Springbank Drive
MLS number: 40467265
List price: $209,999
Days on market: 39
Size: 2 bedroom, 1 bathroom, 840 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc.

High

Address: 75 Woods Edge Close
MLS number: 40445791
List price: $2,989,000
Days on market: 83
Size: 5 bedrooms, 7 bathrooms, 8,308 square feet
Listing agent: Owen Price, Sales Representative, Keller William Lifestyle Realty

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Disclaimer: London Inc. does not guarantee the accuracy of the statistical data on this page. The data does not represent the listings of any one agent or agency but represents the activity of the real estate community in the area. Any real estate agent’s ad appearing is separate from the statistical data provided, which is in no way a part of their advertisement.