So much of the health of Toronto’s economy is tied to building, creating spaces to work and live. The Economic Dashboard report released by the city last month points to some fairly eye-opening stats about how much we’re building, how we compare to other cities and whether we’re eager to buy into these new spaces.
Culling numbers from some of our favourite sources for condo and construction stats, the report shed light on the state of building in the city.
Here are some fast facts:
- Taking their stats from Emporis.com, the city noted that as of May 1, 2013, there were 173 high-rise buildings under construction in Toronto. That’s fewer than last year, which saw 185 high-rises in progress, but higher than March 25, 2013, which counted 167 building under construction.
- Data from Skyscraper.com demonstrated that althought Toronto is building plenty of new high-rises, the buildings in other metros are, well, higher. New York City has more 50-plus storey buildings under construction, while Toronto has more buildings being built with fewer than 50-storeys.
- One area where Toronto trounces the Big Apple is the shear volume of construction. Multiplying each building by its number of floors gives the total number of floors under construction. Toronto has nearly twice as many under construction (4,012 floors) as New York City (2,170 floors).
- As far as permits are concerned, the city issued $520 million worth of building permits in March 2013. More than half of that was just for one project, the $270 million permit for the 1.1 million-square foot office building, the East Tower ofthe Bay Adelaide Centre.
- Though the residential market gets most of the scrutiny, the value of commercial building permits in March was up by $100 million compared to a year ago and surprisingly, exceeds the value of residential permits in the city.
- For housing, data from Urbanation shows that a total of 14,005 condos were pre-sold in 2012 in Toronto, down 32.9 per cent from 2011 when 20,886 units were pres-sold. The 2012 total was also down 20.2 per cent from 2010, when 16,668 units were pre-sold. Still, the 2012 numbers are very much in line with the five-year average (14,909).