So based on Total Units we showed an increasing number of larger condo projects being launched but also a decreasing average size – ie lots of smaller building too.
Now what about building height? Lots of new skyscrapers out there but lets get some perspective by looking at all of the data.
Looking at the building height (storeys) 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 Building Height in storeys (y-axis) with the colour representing the current Construction Status.
As illustrated above, 2012 had more new project openings of buildings greater than or equal to 40 storeys than any previous year with 14 projects. The previous record was the 12 projects greater than 40 storeys that launched in 2011. Before that 9 projects of that building height launched in 2010, 2008, and in 2007.
In general there was a big step up in the number of new project launches with buildings greater than or equal to 40 storeys beginning in 2005 when there were 8 such projects. Previous to that, 3 projects in one year was the most.
The most drastic changes year over year belong to the number of projects greater than or equal to 60 storeys. Prior to 2012 there had never been more than 1 of these projects opening in a given year, and in total there were only 5. But in 2012 alone there were 4 new projects launched of 60 storeys or grater.
As with Total Units, the projects with Building Heights at the top end are getting more plentiful but on average 2012 saw the lowest average Building Height (15.9 storeys) since 2009 (which was a bit of an odd year for new releases) and 2004 before that.
So we’re getting more larger buildings (units and storeys) as well as more smaller buildings (units and storeys). This seems to play into the dual market make-up of the new home condo market – part investor and part owner-occupier – each with different preferences and buying habits. This “Tale of Two Markets” was also considered here .
The next step is to further segment the smaller building universe to see if there are changes there that might indicate more of an evolving owner occupier market. Stay tuned… And you can get email notification of new posts by clicking on the “sign me up” button in the right margin.