The City of Peterborough issued permits for 515 new housing units in 2024, surpassing its provincial target of 392 housing starts by more than 30 per cent.
“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.”
Of the new units, 346 are apartment-style dwellings, with the total value of construction estimated at $101.2 million.
The province has set an ambitious target for 4,700 new housing units in Peterborough by 2031. This marks the second consecutive year the city has exceeded its annual housing goals. In 2023, the city issued 435 permits, exceeding its target of 345 by over 25 per cent.
“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.”
In 2024, Leal launched the Mayor’s Task Force for Housing Creation to collaborate with housing sector experts on strategies to address the city’s housing crisis. A report from the Task Force, released on November 5, 2024, outlined 15 recommendations aimed at accelerating construction.
During a December 9 council meeting, seven of the recommendations were approved for immediate implementation. The remaining eight recommendations are set to be reviewed in April 2025.
“By working together, we’re taking meaningful steps to help accelerate housing construction and meet the needs of our growing community,” said Leal.
With momentum building, Peterborough continues to position itself as a leader in addressing housing shortages and fostering sustainable development.