London city hall lowering price of residential lots [Video]

City council is betting that a dramatic boost to the supply of residential land within the city limits will lower the price of lots in new subdivisions and slow the number of people moving to bedroom communities in Middlesex County and beyond.

On Tuesday, a majority of council supported asking the province to add 2,000 hectares of additional land for residential development within London’s Urban Growth Boundary (UGB) in hopes that the excess supply will reduce the price of lots.

According to city staff, the 2,000 ha would satisfy anticipated housing demand for more than 40 years—well beyond the 25-year to 30-year planning horizon required by provincial policy.

During the meeting, Coun. Skylar Franke expressed doubt, “I understand the argument that if we don’t build, [then] neighboring communities will – but I also would argue that if we do build, neighboring communities will still build.”

But Coun. Steve Lehman said …