London Mayor Unveils New Home Ownership Program in City Address

London Mayor Josh Morgan has announced a new homeownership initiative aimed at improving access to affordable housing in the city. This program utilizes strong mayor powers to allow the city and builders to jointly cover development fees for new housing projects.

Key Features of the Homeownership Program

The proposed program targets new homes priced below the average market value in London. Currently, the average home price in the city is approximately $630,000, according to the London and St. Thomas Association of Realtors.

• The city will finance 60% of the development charges.
• Builders, represented by the London Homebuilders’ Association, will contribute the remaining 40%.
• Development charges vary, typically ranging from $20,000 to $50,000 based on the type of home.

Goals and Impact

Mayor Morgan highlighted the initiative during his annual State of the City address at RBC Place London. He described the objective of the program as a means to enhance homeownership opportunities, particularly for first-time buyers.

“We’ve made significant progress in rental housing, but homeownership has not kept pace,” Morgan stated. He emphasized that by lowering costs, the program could motivate 200 to 300 individuals to purchase their first homes.

The city plans to allocate around $5 million for this initiative, which will run until the end of 2026 if approved. The funds may come from the Building Faster Fund or the Housing Accelerator Fund.

Future Considerations

Should the program achieve its goals, Mayor Morgan intends to seek further support from provincial and federal levels to expand its reach. He expressed optimism about demonstrating the viability of this approach for broader implementation.

Additional Developments in London

In conjunction with the homeownership initiative, Mayor Morgan announced the opening of a new 200,000 square-foot factory by Empack Spraytech Inc. This facility, located in London’s Innovation Park, is expected to create 150 to 200 jobs, contributing to the local economy.

During the event, the London Chamber of Commerce noted that the attendance was the highest since the onset of the COVID-19 pandemic. CEO Graham Henderson remarked on the city’s vibrant job market, attracting investment and skilled labor.

As part of his broader priorities, Mayor Morgan also aims to advocate for improved inter-community transit, further enhancing connectivity within London and its neighboring regions.