Housing is not meeting demand in Peterborough

Housing is not meeting demand in Peterborough. City of Peterborough is not growing as an urban center. Supply is too low.

The price of housing is cheap right now … and will be more expensive tomorrow unless;

Housing Demand is diminished, … unlikely;

  1. an increasing population due to higher immigration targets is in effect
  2. increasing population will create even more demand for all types of housing
  3. increasing demand for housing will create a need for more skilled labour and jobs
  4. increased skilled labour and jobs will create a solid foundation for the economy

Housing Supply is increased, … unlikely;

  1. decreasing available development lands to create housing is at an all-time low
  2. existing development approval timelines are at … an all-time high
  3. development approval delays continue to increase due to “NIMBYism”
  4. the ability to finance new housing communities diminishes with increased costs and delays

Why is the supply of housing not meeting the demand … why is it so difficult to create housing in Peterborough & The Kawarthas?

The Identity Crisis needs to be resolved, … unlikely;

  1. The provincial growth plan has mandated a 50% population increase by 2051 for Peterborough & The Kawarthas
  2. This can only be achieved through densification, which existing communities oppose

Regulations need to be reduced, … unlikely;

  1. The Provincial Government provides a minimum standard set of rules and guidelines that each municipality must follow for housing
  2. Every Municipality also creates their own local by-laws to govern their area.
  3. Additionally, Conservation Authorities enforce provincial legislation to ensure that local natural heritage and watersheds are protected.

Just Increase the # of Workers, … unlikely;

  1. Peterborough & The Kawarthas building and planning departments have not increased staff levels much over the past 30 years.
  2. The number of active registered TARION builders has decreased over the past 30 years, reducing competition.
  3. Thousands of skilled trades workers are close to retirement increasing the shortages of tradespeople in every sector of the housing sector.

Just Decrease the Development Costs, … unlikely;

  1. In 1992 (30 years ago) the development charge rate for a single-family home was $2,500 per housing unit, as of August 1, 2022 the development charge rate is, on average $50,000 per housing unit, and increases each and every year.
  2. The 20 fold increase in costs over 30 years contributes significantly towards the rising cost of housing in Peterborough & The Kawarthas. 

Just Decrease the Delays, … unlikely;

  1. Delays stem from both provincial and municipal regulations … however, municipalities if they choose can control housing timelines as they mandate the official plan, zoning by-laws, minor variances and building permits.
  2. There are further opportunities, along with provincial and federal funding available to increase housing. In August the Ontario Home Builders Association released a five point plan to increase housing supply in Ontario if Municipalities embrace the plan.
  3. Bill 109 is taking politics out of housing by allowing the professional planning staff at City Hall to approve site plans as per the municipal Official Plan without redundant council votes, if Municipalities choose to use effectively.
  4. Consultants are now available with the Streamline Development Approval Fund from the province, if Municipalities choose to engage the resources available.

OK… and what needs to be done?

Community needs to be involved and take ACTION;

There are tremendous opportunities for Community involvement and improvement to create a vibrant more affordable community in Peterborough & The Kawarthas. Pro-Active community collaboration is needed to recognize the decreased housing supply and increased demand and provide more housing supply for our families and children to be able to afford to live in Peterborough & The Kawarthas when they choose to.

Peterborough + Kawartha Chamber of Commerce Article: https://www.peterboroughchamber.ca/blog