Here are a few interesting stats from a brief report that New York City published this month about their supply of new housing units:
From January 1, 2010 to June 30, 2020, New York City delivered 205,994 net new housing units across the five boroughs.
This total includes 202,956 units from new construction and 29,161 units from the alteration/conversion of existing buildings. However, it also factors units that were lost as a result of demolition (-17,400) or alteration (-8,723).
Brooklyn saw the most supply, followed by Manhattan. The four highest-growth Community Districts were responsible for 1/3 of all new housing additions. These CDs are all formerly non-residential areas that were rezoned to allow living.
Manhattan saw the greatest loss in housing units as a result of alterations (people combining units). This was most prevalent in wealthy neighborhoods such as the Upper East Side, Upper West Side, and Greenwich Village.
What is interesting about this last point is that it shows you that cities are far from static. New York City lost 26,123 housing units during the above time period, with 8,723 units being lost to alterations and people combining units.
The orange areas on the above map are neighborhoods which actually became less dense over the last decade. And of course, this phenomenon is not unique to New York City. We are seeing the same thing play out in some/many neighborhoods in Toronto.
What this mean is that the role of new development is really twofold. It allows a city to grow (i.e. house new New Yorkers), but it also replaces lost housing and relieves some of the pressures on the existing housing stock. I don't think many people appreciate this dynamic -- or perhaps they don't care.
For a copy of the full report (it's only two pages), click here.
The Globe and Mail published this headline today: "Developers building more small condos, despite people clamoring for more space." It's behind a paywall and so some of you may not have read it. But the data looks something like this. Of all the new condo project launches that happened this year in Toronto, studios and one-bedroom suites accounted for 61% of all new inventory, according to Urbanation. This is a higher percentage than what the market saw in 2019 and 2018, and this is despite the fact that many/most people are still working from home and would probably appreciate a bit more space.
The short answer as to why this is happening is affordability. For years I have been clamoring for a dual aspect oceanfront penthouse on Miami Beach, but that time hasn't come for me yet. Things cost money. And the downward pressure on unit sizes is a direct result of developers trying to ensure that their inventory is within the reach reach of buyers (there's a sweet spot somewhere in the range of $500-700k right now). Developers are heavily incentivized to build what sells and rents, both quickly and at the highest price. That tends to be smaller units, especially early on.
Where this goes in the future is anybody's guess. But with the dramatic price increases that we have seen on the low-rise side of the market, I suspect that we'll see a subsequent surge in demand for condos -- maybe even larger condos.
Toronto will soon be home to One Delisle — the first residential building in Canada designed by visionary architect, Jeanne Gang of Studio Gang.
Jeanne Gang is known for challenging the stylistic and technical parameters of architecture. Named one of the most influential people in the world by TIME 100 in 2019, Gang is a MacArthur Fellow and a leading advocate for gender equality in the field of architecture and design.
Gang and her eponymous studio are responsible for some of the world’s most diverse and compelling buildings and spaces. One Delisle, as seen in the rendering above, will break from convention and refresh Toronto’s skyline. The rhythmic exterior maximizes natural light, views, and outdoor living for residents.
One Delisle was revealed this evening for the first time to a select group of Toronto's top real estate brokers. Follow #onedelisle on IG for some of the reactions. It was done online via a livestream, which was exceptional for what it was, but is obviously not as great as being in one room together. That time will return.
At this point, we are thrilled to announce that we are opening up "limited registration" for the project. If you'd like to register your interest, you can do that now at onedelisle.com. However, to register at this phase of the project, you'll need to pay a one-time fee of C$150.
Why are we doing that?
We're doing it to ensure that those who are genuinely interested in a One Delisle residence get first access to the project when it launches next year. Anyone who registers during this "limited registration" phase will be guaranteed a private appointment at our sales gallery before the general public.
So what else do you get?
In addition to first access -- including first access to the project's terrace suites -- limited registrants will receive a copy of Studio Gang: Architecture (retail price, US$100), an invitation to our One Delisle Film Series, an invitation to our launch event (including a talk with Jeanne Gang), as well as other exclusive news and updates.
The other thing I'd like to point out about the project's website is that the animation you see on the homepage (pictured above) will, in fact, change depending on the time of day wherever you are and when you visit the website.
This allows you to get a feel for how the architecture might respond to light and shadow throughout the day and how it might be illuminated at night. What you're seeing above is an artist's impression of that night view.
For more information and to register your interest, visit onedelisle.com.