The general media will pick up these numbers and tell you that there’s been a precipitous decline in the number of new condominium sales. But the reality is that 20,028 units were sold in 2018, which is actually in-line with 10-year averages for this region. 2017 was a particularly frenetic, and unsustainable, year.
The average pre-construction sold price for a new condominium in the former City of Toronto (the core) was $1,117 psf last year, and $921 psf across the broader region. These numbers represent significant double digit increases from the year prior. But again, what I don’t think many people appreciate is that the cost environment has also changed dramatically over the last few years.
Construction costs are way up, as are development charges and a myriad of other pro forma line items. The above numbers are simply a result of cost-plus pricing. Here’s where costs are at and here’s where we need to be to make the project feasible. Margins haven’t increased; in fact, they’ve probably been squeezed for many developers.
I think this is an important topic that deserves more transparency and visibility. So I’m hoping to work with a developer friend of mine and publish something more substantial in the coming months.
The general media will pick up these numbers and tell you that there’s been a precipitous decline in the number of new condominium sales. But the reality is that 20,028 units were sold in 2018, which is actually in-line with 10-year averages for this region. 2017 was a particularly frenetic, and unsustainable, year.
The average pre-construction sold price for a new condominium in the former City of Toronto (the core) was $1,117 psf last year, and $921 psf across the broader region. These numbers represent significant double digit increases from the year prior. But again, what I don’t think many people appreciate is that the cost environment has also changed dramatically over the last few years.
Construction costs are way up, as are development charges and a myriad of other pro forma line items. The above numbers are simply a result of cost-plus pricing. Here’s where costs are at and here’s where we need to be to make the project feasible. Margins haven’t increased; in fact, they’ve probably been squeezed for many developers.
I think this is an important topic that deserves more transparency and visibility. So I’m hoping to work with a developer friend of mine and publish something more substantial in the coming months.
I’m working on integrating an iPad (back) into my workflow as a developer.
I used an iPad 2 (c. 2011) while I was completing my MBA. I mainly used it for taking notes and saving money on hard copy textbooks. But after it got old and painfully slow, I stopped using it. It was a nice to have, but I never felt the need to replace it with a newer model.
Lately, however, I have been hearing from a number of developer friends that an iPad – along with an Apple Pencil – is simply invaluable for people, like me, who are constantly reviewing, signing and marking up documents and drawings. So I have decided to reevaluate how I work.
I’m working on integrating an iPad (back) into my workflow as a developer.
I used an iPad 2 (c. 2011) while I was completing my MBA. I mainly used it for taking notes and saving money on hard copy textbooks. But after it got old and painfully slow, I stopped using it. It was a nice to have, but I never felt the need to replace it with a newer model.
Lately, however, I have been hearing from a number of developer friends that an iPad – along with an Apple Pencil – is simply invaluable for people, like me, who are constantly reviewing, signing and marking up documents and drawings. So I have decided to reevaluate how I work.
I am still getting set up, but I can already see how it is going to dramatically streamline some of my workflows (for one, there will be much less scanning).
I am currently on the hunt for apps that can help with floor plan designs – something that will work like trace paper but with dimensions. We spend a lot time working to make these perfect. It’s the core product, after all. So far I’ve found TracePro by morpholio. Maybe you all know of something better.
Outside of the office, I also think I’ll be able to replace my laptop when it comes to writing this blog and editing photos on the road. There’s Lightroom for iPad and all you need is an SD card reader to download all of your photos to it. (Too bad it isn’t possible to connect my Fujifilm directly.)
I’ll let you know how all of this goes. But if any of you have already gone paperless, please feel free to leave your tips in the comment section below.
, which is currently under construction about 46 kilometers south of Tiananmen Square. The first phase is expected to open in the second half of this year. It will be about 7.5 million square feet and be capable of handling some 72 million passengers per year (100 million at full build out).
Supposedly all of this will make it the largest airport in the world, which is pretty impressive considering Beijing Capital International Airport is already one of the busiest in the world. It too moves around 100 million passengers a year and is likely to overtake Hartsfield-Jackson Atlanta in the near term (if it hasn’t already).
But in addition to being the biggest and baddest, two other things stand out to me about the design of Beijing Daxing.
The first is its starfish design. This was done to minimize the amount of walking between security and gate. Check-ins happen in the middle of the starfish and then the most you’ll ever have to walk is 600m (to end of one of the limbs). That’s in line with what most people would consider a reasonable urban transit radius.
The second is the fact that the check-in area provides an aerial view of the gates below. You can see this layering in the photos from the Atlantic. This was done to create a visual connection between passengers and their family and friends. Usually, the goodbye waves happen at or before security. Here you get a bit more time. (Will security be an issue?)
For the full set of photos from the Atlantic, click here. I have a thing for airports, so I thought this was a great set.
I am still getting set up, but I can already see how it is going to dramatically streamline some of my workflows (for one, there will be much less scanning).
I am currently on the hunt for apps that can help with floor plan designs – something that will work like trace paper but with dimensions. We spend a lot time working to make these perfect. It’s the core product, after all. So far I’ve found TracePro by morpholio. Maybe you all know of something better.
Outside of the office, I also think I’ll be able to replace my laptop when it comes to writing this blog and editing photos on the road. There’s Lightroom for iPad and all you need is an SD card reader to download all of your photos to it. (Too bad it isn’t possible to connect my Fujifilm directly.)
I’ll let you know how all of this goes. But if any of you have already gone paperless, please feel free to leave your tips in the comment section below.
, which is currently under construction about 46 kilometers south of Tiananmen Square. The first phase is expected to open in the second half of this year. It will be about 7.5 million square feet and be capable of handling some 72 million passengers per year (100 million at full build out).
Supposedly all of this will make it the largest airport in the world, which is pretty impressive considering Beijing Capital International Airport is already one of the busiest in the world. It too moves around 100 million passengers a year and is likely to overtake Hartsfield-Jackson Atlanta in the near term (if it hasn’t already).
But in addition to being the biggest and baddest, two other things stand out to me about the design of Beijing Daxing.
The first is its starfish design. This was done to minimize the amount of walking between security and gate. Check-ins happen in the middle of the starfish and then the most you’ll ever have to walk is 600m (to end of one of the limbs). That’s in line with what most people would consider a reasonable urban transit radius.
The second is the fact that the check-in area provides an aerial view of the gates below. You can see this layering in the photos from the Atlantic. This was done to create a visual connection between passengers and their family and friends. Usually, the goodbye waves happen at or before security. Here you get a bit more time. (Will security be an issue?)
For the full set of photos from the Atlantic, click here. I have a thing for airports, so I thought this was a great set.
