Ben Myers of Bullpen Research & Consulting was recently interviewed by Newinhomes.com about the state of Toronto's new housing market. Ben is always interesting. And these are the sorts of things that I read in my spare time. So here's an excerpt:
The average price of popular new condo floor plans in the City of Toronto in October 2019 was approximately $1,275 per-square-foot (psf) and with growth of 3% a year, prices would hit $1,475 psf in 2024. I wouldn't be surprised to see annual average growth of 4%, which would get you to $1,625 psf in five years in Toronto.
This data was taken from BuzzBuzzHome and -- by "popular new condo floor plans" -- I believe he means that these are the floor plans that buyers tend to click on and review when they visit the site. So it's a good indication of buyer demand.
Here's another quote that stuck out:
Part of the reason that price growth has spiked is a rise in construction costs, development charges, and land prices - this cost-push inflation is passed on to consumers.
That sounds right. And I have been writing about this phenomenon all year. Most of us can probably remember when $1,000+ psf was a high water mark for new construction condos. Now it's pretty much a floor.
Junction House won "Best Innovative Suite Design" at the 39th BILD Awards (2019) last night. A big congrats to the team. Below is the floor plan that won. It is a 2 bedroom suite from our two-storey House Collection (JH_2B_H1).
This design is fundamental to Junction House. It is why the project is called what it is. The goal was to create a suite that felt less like a condo, and more like a low-rise single-family home. Credit to Superkul Architects, and the rest of the team, for figuring it all out. There was a long list of requirements.
We wanted dedicated kitchen (+ island), dining, and living areas. (The living area is also wider than what you'd typically find.) We wanted a terrace with (standard) water and BBQ connections. We wanted the bedrooms upstairs for privacy/separation. We wanted both of them to have direct window exposure. And we wanted a master ensuite bathroom with a double vanity.
The House Collection includes some of my favorite suites in the building, which is why -- full disclosure -- I'm going to be moving into one of them. If you'd like more information about Junction House, reach out to Paul Johnston and his team at info@junctionhouse.ca or at 416-900-6076.
Today I stopped by the Exploring KING exhibit that is currently on at 134 Peter Street. It is an exhibition celebrating the design of KING Toronto.
It explains how the design came about. Note all the different unit layouts on the floor.
It includes (foam) study models that go as far back as 2015. That's four years of design iterations.
It has samples of the glass blocks that will be used on the building's facades.
Related article: Glass blocks, that staple of 1980s kitsch, are trendy again. Sorry, it's behind a paywall.
It has a VR setup that allows you to explore the building's inner courtyard. It's going to be a fun space.
And there's even a KING Toronto candle for sale. (Aromatic woods with spicy overtones.)
I thought the overall exhibition was very well done and I am thrilled to see architecture and design so front and center. It is an exciting time to be living in this city.