The City of Toronto just released its Economic Dashboard report for the month of June and we can’t help but compare how the 416 building boom compares to suburban growth.
So many studies lump the outer municipalities in the with the core, but the city report uses some of our favourite real estate and construction sources to disentangle the two area codes of the GTA to see how each market compares.
See the building breakdown:
Building permits, 905 vs. 416
- In April 2013, Toronto issued $550 million worth of building permits, down from $710 million during the same time in 2012.
- The 905 issued $490 million worth of permits in April 2013, down from the $580 million it issued in April 2012.
- The biggest gap between regions was in the fall of 2012 when the 905 greatly outpaced Toronto in September and October 2012 with $1 billion worth of permits being issued per month; the 416 saw $440 million and $500 million worth of permits issued during those months.
- Starting May 2012, the 905’s buildings permits outpaced those in Toronto until April 2013 when the trend reversed with Toronto leading the dollar amount of permits issued.
- While Toronto increased the amount of permits issued between March and April ($430 million to $550 million) the 905 saw a drop, with $520 million worth of permits issued in March and $490 million issued in April 2013.
Housing Starts, 905 vs. 416
- In April 2013, Toronto saw a total of 168 single, semi, and row house starts, up from 140 the same time last year; it counted 736 apartment starts in April 2013, down from 3,450 in 2012.
- In April 2013, the 905 saw 1,350 starts for singles, semis, and row houses, down from 1,527 in April 2012; it counted 1 apartment start in April 2013, down from 562 during the same month in 2012.
- Toronto saw a significant year-over year drop in start during the fist quarter of 2013: single, semi, and row house starts fell from 984 in 2012 to 265 in 2013 and apartments dropped from 4,037 to 2,960 year-over-year.
- The 905 cities first quarter starts also dropped: single, semi, and row house starts numbered 3,422 during the first quarter of 2012, but fell to 2,530 during the same period in 2013 and apartment starts dropped from 2,239 to 940 year-over-year.
See the charts below for more details…