We’ve often shown data related to the shrinking size of condo units over the last couple of years but we have not looked at what’s happening with overall condo building size.
I think, based on anecdotal evidence around us, we’ve assumed that building sizes were getting bigger over the last several years – which would be both right, and wrong.
Here’s what the data says:
If we look at the total number of units in new project openings by quarter since 2000 we get the following chart. Each circle represents a new condo project corresponding to its Opening Date (x-axis) and the total number of units in that project (y-axis) and the colour represents the current construction status.
As we can see, the number of new projects with more than 500 units has been increasing over time. Before 2008, the most new project launches with greater than 500 units occurred in 2003 with 4 projects exceeding that size. Then in 2008 we saw 7 projects launched with greater than 500 units, followed by 9 projects in 2012.
So the frequency of larger projects is increasing but if we look at the average number of units per project for each year we see that 2012 had the lowest average (197 units) since 2004. And for the years between 2004 and 2012 average project size fluctuated between a low of 206 units (2006) and 240 units (2008).
If we take another step up and look at those projects with more than 600 units, there have been only 17 projects over the last 13 years but 35% (6 projects) of those projects opened in 2012. Of those 17 projects 2 are completed, 9 are under construction and 6 are in a pre-construction stage.
Check back soon as I’ll run the same numbers on building height to see if we’re getting taller on average….