Monthly Update August 18, 2022

CMHC Housing Statistics - Smart Prosperity Institute - PKHBA Building Your Business Education Session

The first 6 months of 2022 could be on trend to exceed 2021's high number of housing completions in the City and County of Peterborough and City of Kawartha Lakes. In Kawartha Lakes there are already more new housing starts (foundations poured) in the first half of 2022 at 388 than total completions in 2021 which was a record breaking 219. In the City and County of Peterborough there have been nearly the same number of completions in the first 6 months of 2022 at 338, as there were for the entire year in 2020 at 347 residential units.

July 2022 already has a cumulative 372 completed residential dwelling units in the City and County of Peterborough. A continuation of this trend could see the City and County of Peterborough break the record set in 1990 when there were 855 completions in one year. The City of Peterborough's Record for single family detached is 694 houses in 1988.

The high number of residential construction starts aligns with the high demand and expanding need for housing in our community of Peterborough Kawartha. According to the Smart Prosperity Institute Ontario needs 1.5 Million more homes over the next 10 years to meet the demand from families growing up with young adults looking for a home in the community they grew up in and the number of immigrants the Federal government is planning to bring into Canada over the next decade. With labour shortages and delays from the municipal government as municipalities pivot to meet new provincial rules, building 1.5 Million homes is a daunting task. 2011 came close to meeting the 1 million new homes in 10 year target with 99,566 of the 100,000 that would be needed (link).

Over the past 25 years 1.5 Million homes have been built in Ontario, but can that number be achieved in 10 years?

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CHMC Statistics Portal

Smart Prosperity Institute