City of Peterborough Exceeds 2024 Housing Targets

The City of Peterborough has exceeded 2024’s housing targets, issuing permits for 515 housing units to residential construction developers in 2024, which is over the provincial target of 392 housing starts by more than 30 per cent, reported Thursday.

Photo courtesy of the City of Peterborough.

“As a municipal government, we’re doing whatever we can to facilitate the construction of the housing that Peterborough residents need," said Mayor Jeff Leal. “We're focused on solutions and ensuring housing development moves forward.”

Out of the 515 housing units, 346 were apartment-style units. The City’s total estimated value for constructing the 515 housing units is anticipated to be about $101.2 million.

The Province has set a target of 4,700 new housing units in Peterborough by 2031.

In 2023, the Province assigned a target of 345 housing starts. The City says they exceeded that target by more than 25 per cent, issuing 435 permits to homebuilders that year.

“Surpassing our targets two years in a row demonstrates real progress, but we know there’s still more work to be done,” Leal said. “It’s vital that we keep up the momentum and continue to work closely with residential construction developers, community partners and other organizations to keep progress on track.”

Last year, Leal launched the Mayor’s Task Force for Housing Creation to work with local housing sector experts to develop recommendations to help facilitate the creation of more housing in Peterborough.

On Nov. 5, Leal released a report from the Task Force, highlighting the Task Force’s 15 recommendations to help speed up the pace of housing construction and address the housing crisis. City Council received the report during a Dec. 9 meeting and approved seven recommendations to be implemented immediately. Council directed staff to bring forward a report for further consideration on the remaining eight recommendations in April.

“By working together, we’re taking meaningful steps to help accelerate housing construction and meet the needs of our growing community,” Leal said.

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