As is the case every quarter, Bullpen Research & Consulting and Batory Management have just published their latest Greater Toronto Area land insights report (for Q3-2022). The average price per buildable square foot (pbsf) in this report remains the same as in Q2 at $95.
But once again, it's important to keep in mind that this represents a fairly small sample size (34 land sales in the quarter versus 46 in Q2); that the range in land pricing can be significant across the GTA (here it is $24-274 pbsf); and that there can sometimes be a lag between a deal being struck and actual closing. Here is the summary data:
Another interesting data point from the report is land price compared to building height. The average price for high-rise development land was $88 pbsf, and the average price for mid-rise development land (5-15 storeys) was $131 pbsf.
This once again speaks to the cost differential between high-rise and mid-rise housing. The mid-rise scale is certainly a desirable form of infill, but it is also a more expensive form of housing.
Bullpen Consulting and Batory Management published their Q4-2019 land insights report for the Greater Toronto Area today. According to the report, there were 36 high-density apartment land transactions in Q4-2019. The average sale price was about $111 per buildable square foot and Bullpen estimates that these future projects -- assuming they go condo -- will sell for just under $1,000 psf on average.
But that's blended across the entire GTA.
Looking at the core of Toronto (former City of Toronto boundaries), the average price per buildable square foot was about $187, which represents a year-over-year increase of 28%. There's also a premium for mid-rise sites. Bullpen pegs the average price of a mid-rise site in the City -- unzoned but with an active development application -- at about $231 pbsf. These numbers will obviously translate into much higher condo/apartment prices.
If you'd like to download a copy of the report, click here.
Bullpen Research & Consulting and Batory Management just published their Q4-2018 High-Rise Land Insights Report for the Greater Toronto Area.
Above is a mapping of the estimated per square foot buildable prices for the land that traded hands specifically in Toronto last quarter.
The average is $178 per square foot. And the projected average sale (condo) price is $1,097 psf. That sounds right. You basically need that kind of end pricing to make the math work with today’s costs.
Across the GTA, the average spread between zoned and unzoned land was almost $40 psf. $159 psf versus $120 psf, respectively.
A full copy of the report can be downloaded here.