The Building Industry and Land Development Association (BILD) announced its February (2017) numbers today for the Greater Toronto Area. Here are some of the highlights:
- At the end of February, there were 324 detached homes available in developer inventories. Ten years ago, this number was was 12,064 (detached only).
- If you consider all low-rise homes (detached, semi-detached, and towns) the above numbers are 1,001 (2017) and 17,304 (2007), respectively.
- Average price of a new detached house is now $1,469,449. For all ground-related housing – again, including semis and towns – it’s $1,081,013.
- There were more than twice as many condo apartments sold than low-rise homes in February.
- Condo inventory is also dropping and reached a low of 10,342 units.
- Average price of a new condo increased to $652 per square foot and the average unit size decreased to 802 square feet.
Here’s that information in a chart from Altus Group:

The overall story here continues to be about decreasing inventory and increasing prices. There’s also the ongoing shift from low-rise to higher density housing, which I don’t view as a bad thing.

Below is a mapping (by Taylor Blake of the Martin Prosperity Institute) of the top 10 metro economies in the world by GDP at purchasing power parity. In brackets, is a country with a comparable GDP.

Balconies, outdoor spaces and, more broadly, the relationship between inside and outside are important considerations in multi-family residential design.
Earlier this year, Mansion Global ran a piece talking about a recent trend in cities such as New York, Toronto, and London, where high-rise outdoor spaces often go unused because of the wind and the cold. It’s called the winter garden.
“So luxury developers are trying an option that they tout as both lush and cozy: the winter garden. Enclosed by glass on three sides, and often designed as an alcove off the living room or bedroom, these spaces can feature fireplaces, radiant-floor heating and sliding glass doors to maximize the breeze, weather permitting. For developers, the amenity can bump up asking prices, because winter gardens add interior square footage to a unit.”
This, of course, is not a new idea. In fact, solariums are very common in Toronto condos of a particular vintage. But they are rare today, for probably a few reasons. Policy changes removed the incentive to build these spaces. Unit sizes have come down. And many people like the idea of being able to step outside.
The other way to think about this trend, though, is that it’s about creating adaptability within the skin of the building. You want to be hermetically sealed off in the winter, but you want the opposite in the summer and/or swing seasons. This is about making indoor spaces feel more like outdoor spaces when you want them to be that way.
There are countless examples of vernacular architecture figuring out how to strike this balance. Today we typically think in terms of mechanical systems. But I love the idea of a building that responds to the changing seasons.
Thanks for sharing this article with me, Rick.
The Building Industry and Land Development Association (BILD) announced its February (2017) numbers today for the Greater Toronto Area. Here are some of the highlights:
- At the end of February, there were 324 detached homes available in developer inventories. Ten years ago, this number was was 12,064 (detached only).
- If you consider all low-rise homes (detached, semi-detached, and towns) the above numbers are 1,001 (2017) and 17,304 (2007), respectively.
- Average price of a new detached house is now $1,469,449. For all ground-related housing – again, including semis and towns – it’s $1,081,013.
- There were more than twice as many condo apartments sold than low-rise homes in February.
- Condo inventory is also dropping and reached a low of 10,342 units.
- Average price of a new condo increased to $652 per square foot and the average unit size decreased to 802 square feet.
Here’s that information in a chart from Altus Group:

The overall story here continues to be about decreasing inventory and increasing prices. There’s also the ongoing shift from low-rise to higher density housing, which I don’t view as a bad thing.

Below is a mapping (by Taylor Blake of the Martin Prosperity Institute) of the top 10 metro economies in the world by GDP at purchasing power parity. In brackets, is a country with a comparable GDP.

Balconies, outdoor spaces and, more broadly, the relationship between inside and outside are important considerations in multi-family residential design.
Earlier this year, Mansion Global ran a piece talking about a recent trend in cities such as New York, Toronto, and London, where high-rise outdoor spaces often go unused because of the wind and the cold. It’s called the winter garden.
“So luxury developers are trying an option that they tout as both lush and cozy: the winter garden. Enclosed by glass on three sides, and often designed as an alcove off the living room or bedroom, these spaces can feature fireplaces, radiant-floor heating and sliding glass doors to maximize the breeze, weather permitting. For developers, the amenity can bump up asking prices, because winter gardens add interior square footage to a unit.”
This, of course, is not a new idea. In fact, solariums are very common in Toronto condos of a particular vintage. But they are rare today, for probably a few reasons. Policy changes removed the incentive to build these spaces. Unit sizes have come down. And many people like the idea of being able to step outside.
The other way to think about this trend, though, is that it’s about creating adaptability within the skin of the building. You want to be hermetically sealed off in the winter, but you want the opposite in the summer and/or swing seasons. This is about making indoor spaces feel more like outdoor spaces when you want them to be that way.
There are countless examples of vernacular architecture figuring out how to strike this balance. Today we typically think in terms of mechanical systems. But I love the idea of a building that responds to the changing seasons.
Thanks for sharing this article with me, Rick.
Tokyo is the world’s largest metro economy with ~$1.6 trillion in GDP. This is greater than the GDP of all of Canada. New York City is number 2 with ~$1.5 trillion in GDP, which is only slightly less than Canada.
The point of all of this – which Richard Florida argues here – is that the global economy is, today, powered by metropolitan areas. And yet our governance structures do not reflect this new reality.
Here’s an excerpt from Florida’s article:
“Cities really are the new power centers of the global economy—the platforms for innovation, entrepreneurship, and economic growth. But when it comes to fiscal and political power, they remain beholden to increasingly anachronistic and backward-looking nation-states, which has become distressingly obvious with the rise of Trumpism in the United States and populism around the world.”
Florida has been arguing this for years and I’ve really gotten behind it. The above chart is a good reminder just how big and wealthy some cities have become in today’s economy.
Tokyo is the world’s largest metro economy with ~$1.6 trillion in GDP. This is greater than the GDP of all of Canada. New York City is number 2 with ~$1.5 trillion in GDP, which is only slightly less than Canada.
The point of all of this – which Richard Florida argues here – is that the global economy is, today, powered by metropolitan areas. And yet our governance structures do not reflect this new reality.
Here’s an excerpt from Florida’s article:
“Cities really are the new power centers of the global economy—the platforms for innovation, entrepreneurship, and economic growth. But when it comes to fiscal and political power, they remain beholden to increasingly anachronistic and backward-looking nation-states, which has become distressingly obvious with the rise of Trumpism in the United States and populism around the world.”
Florida has been arguing this for years and I’ve really gotten behind it. The above chart is a good reminder just how big and wealthy some cities have become in today’s economy.
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