The growth challenge
London is one of the fastest growing urban centres in Canada. It’s something to celebrate ― and a complex urban challenge
BANK OF CANADA rate announcements, changes in the bond market, inflation rate pronouncements, employment numbers, home sales statistics ― we’re being conditioned to look at these short-term changes and respond accordingly.
But longer-term dynamics affecting our local market may provide us better guidance as we try to make major decisions.
For instance, London’s population growth rate more than doubled for the five years ending 2021, as compared to the five years ending 2016 ― from 4.1 per cent to 10 per cent growth. The city has added over 8,000 people every year for five years. Nationally, since June of this year Canada’s population has grown by more than 500,000 ― in four months!
“Budgets grow, schools grow, hospitals grow ― and infrastructure must keep up if we’re not to become a failed, sprawling city that used to be livable”
What’s fuelling this? A significant contributor comes from international students attending our universities and colleges. Enrollment from 2012 to 2022 went from 65,000 to 210,000 ― it tripled. One need not wonder why Canada’s rental costs have skyrocketed due to just this one contributing effect.
Looking into the future (and being informed by these past numbers), what should we be aware of?
In the near term, over just the next seven years we are going to need 40,000 more skilled workers, according to London’s own number’s guy and former deputy mayor, Jesse Helmer (on behalf of the Smart Prosperity Institute). Further out, it is projected our population will grow by 50 per cent over the next 30 years.
That’s 220,000 more Londoners. Stop for a moment and absorb that statistic: 8,000 new Londoners landed here, every year for the five years leading up to the pandemic. Even if growth slows to half that number going forward, our population will grow by 50 per cent by mid century.
We are seeing residential tower approvals at a scale never seen before. That’s to be expected and applauded. Every metric will be new and record breaking if we’re to adapt to our swelling population. Budgets grow, schools grow, hospitals grow ― and infrastructure must keep up if we’re not to become a failed, sprawling city that used to be livable.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
High- and low-priced real estate listings around town this week
London East
Low
Address: 5-3902 Dundas Street
MLS number: 40508528
List price: $59,900
Days on market: 27
Size: 2 bedroom, 1 bathroom, 888 square feet
Listing agent: Karen Greason, Broker, RE/MAX Centre City Realty Inc.
High
Address: 1745 Kilally Road
MLS number: 40515612
List price: $2,950,000
Days on market: 4
Size: 3 bedrooms, 4 bathrooms, 4,760 square feet
Listing agent: James Hudson Smith, Sales Representative
Brokerage: Sutton Group – Select Realty Inc.
London North
Low
Address: 306-511 Gainsborough Road
MLS number: 40517318
List price: $257,900
Days on market: 14
Size: 2 bedroom, 1 bathroom, 885 square feet
Listing agent: Michelle Dier, Sales Representative
Brokerage: Sutton Group – Select Realty Inc.
High
Address: 99 Fitzwilliam Boulevard
MLS number: 40475790
List price: $2,690,000
Days on market: 84
Size: 4 bedrooms, 6 bathrooms, 6,377 square feet
Listing agent: Justin Konikow, Sales Representative
Brokerage: Prime Real Estate
London South & West
Low
Address: 45-198 Springbank Drive
MLS number: 40512151
List price: $69,000
Days on market: 15
Size: 1 bedroom, 1 bathroom, 883 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc.
High
Address: 6584 French Avenue
MLS number: 40499960
List price: $2,449,000
Days on market: 46
Size: 5 bedrooms, 6 bathrooms, 6,116 square feet
Listing agent: Thomas Rauth, Sales Representative, Royal Lepage Triland Realty
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.