2022 Residential Construction Year in Review
2022 was a record year for Kawartha Lakes in residential construction.
2022 was a record year for Kawartha Lakes in residential construction.
The City of Peterborough saw the lowest number of new residential construction starts in the past 5 years with construction beginning on only 198 new units, 194 of which are single family detached houses in 2022. Low starts generally translate to low completions, which does not meet the demand for housing in the City of Peterborough. There were 389 residential completions in 2022, most of which are apartments. That is the highest number of completions for the City since 2010.
The past three years have seen an increase in the number of apartments being built in the city as well as a couple semis and row houses. To accommodate the federal growth projections and satisfy provincial requirements the City of Peterborough needs to build more housing of all types. The City of Peterborough has no land to expand so building 80% single family detached homes is not a sustainable solution for the city to grow.
In the County of Peterborough, Otonabee South Monaghan saw the most growth with 43 completions of single family homes, and 74 construction starts, the highest in the past 30 years.
The township of Selwyn had 2 apartments completed and 2 more under construction in 2022, with some semi and row houses beginning construction as well. There were 32 single family homes built in 2022 and construction started on 48 more single family homes in Selwyn.
The City of Kawartha Lakes had a record breaking year for residential construction. There were 333 single family homes completed and 2 semis in 2022. Completions are up 34% from 2021, which was also a record breaking year for residential construction in Kawartha Lakes
City of Kawartha Lakes residential construction starts were also higher in 2022 compared to 2021, with 573 units beginning construction. That is 51 more houses being built in Kawartha Lakes compared to the City and County of Peterborough in 2022.
The province of Ontario and Smart Prosperity Institute project 1.5 Million more homes needed over the next 10 years in the province of Ontario. That works out to 930 new residential units each year for the City and County of Peterborough and City of Kawartha Lakes needs 475 more residential units over that same period.
https://institute.smartprosperity.ca/1.5MillionMoreHomes
There were 96,080 housing starts in the Province of Ontario in 2022. That is 3.5% lower than 2021, which was a record breaking year with 99,565 housing starts, the highest since 2003 which had 80,933 starts. The demand for housing remains strong in Ontario, fueled by federal immigration targets. Housing Minister Steven Clark is optimistic that Ontario will reach the goal of 1.5 Million new homes by 2031. https://storeys.com/96k-housing-starts-ontario-2022/
Statistics are from Canada Mortgage & Housing Corporation https://www03.cmhc-schl.gc.ca/hmip-pimh/#TableMapChart/3515023/4/Douro-Dummer%20(TP)