Builders and those working in the trades are expressing concern about a significant slowdown in London and area new housing market. Figures from the Canada Mortgage and Housing Corporation (CMHC) show that new home starts are down by 72 per cent. Among those concerned is tradesperson Nate Lamb. The father of three young children has noticed that work is becoming scarcer. “It definitely slowed down for us; hope it picks up.” The CMHC figures back up his observations. The agency reports 420 new housing starts between January and May. That compares with 1,328 during the same period in 2024. The gap represents a 72 per cent drop. “It’s a tough time, for sure, there’s no doubt about it,” acknowledged Jared Zaifman, the CEO of the London Home Builders Association. He concedes many of his members are having a tough time attracting buyers. With sales off and new builds delayed, some workers are struggling to stay employed. “Not as much opportunity lately. We have certainly seen some labour shifting,” said Zaifman. The biggest category drop came in sales of townhome and apartment units, which fell over 80 per cent. Taken at face value, the numbers are alarming. However, Zajfman is quick to point out that previous years included records for housing starts. He is optimistic that a rebound is coming. “Over the next little while, as things find calm, and certainly more settled ground, I think we’re going to see quite an uptick in the market,” Zaifman said. But until it comes to pass, those on the job, including stucco contractor Youssef Abouchami are being prudent. “You got to save some money, have some cash on the side. Try to look for another job as much as you can. If you don’t look, you’re not going to find one.” And while Lamb is confident he’ll stay employed, he is worried about friends already impacted. “I know a lot of people might make twice as much as me but can’t afford a down payment on a house right now.” Zaifman believes the predicament will improve in time and with more favourable home-building policies. In the meantime, he suggests those who can take advantage of selection in the market do so before the next spike hits. “Prices are probably going to back up, and supply is probably going to be constrained at that point.”
