Did you know?
- A housing unit is considered affordable if no more than 30% of an individual’s gross income is allocated to housing costs.
- In 2016, 14% of all households in London were identified as being in core housing need, with some families spending over 50% of their income on housing.
- Compared to other large cities in Canada, London is in the top ten nationally and is the fifth highest in Ontario for core housing need.
- The City of London is reviewing all planning tools to support an increase in affordable housing stock.
- A Council report entitled Affordable Housing – Planning Tools to Support the Development of Affordable Housing was submitted in October 2018, which provides an overview of these planning tools.
- As part of the Council policies, the City of London has established a Surplus School Site Evaluation and Acquisition Policy to advance affordable housing projects on land identified by School Boards as surplus.
- The supply of new rental housing units constructed in London was 566 units in 2018, 1,227 units in 2017, and 1,167 units in 2016.
- 77% of all new construction development in London was condos and detached homes in 2017.
- $3.9 million was invested by the City of London in 2018 to secure 95 affordable housing units for a period of 50 years starting from the date of occupancy.
- 2.1% was the vacancy rate in London-Middlesex for available rental units in 2018.
- Core Housing Need: Core housing need means the dwelling type did not suit a family’s needs or was unaffordable.
- Affordable Housing: Affordable housing means safe, secure, and suitable housing that meets individuals’ needs and ability to pay. Housing is considered to be affordable when a household spends 30% or less of its pre-tax income on adequate shelter.(36)