{"id":21844,"date":"2023-09-12T12:13:36","date_gmt":"2023-09-12T19:13:36","guid":{"rendered":"https:\/\/essential.construction\/news\/slowing-down-sustainably-the-urbantoronto-pro-q2-2023-report\/"},"modified":"2023-09-12T12:13:38","modified_gmt":"2023-09-12T19:13:38","slug":"slowing-down-sustainably-the-urbantoronto-pro-q2-2023-report","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/slowing-down-sustainably-the-urbantoronto-pro-q2-2023-report\/","title":{"rendered":"Slowing Down, Sustainably? The UrbanToronto Pro Q2 2023 Report"},"content":{"rendered":"

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While the second quarter of 2023 saw an increase in development applications to the City of Toronto from Q1, year-over-year applications were down considerably, according to the latest data from UrbanToronto’s UTPro<\/a> data subscription service.<\/p>\n

Developers submitted applications for 52 new large projects to the City of Toronto in Q2, a 40% decline from the 87 proposals from the same period last year. While many applications propose to construct multiple buildings, the total number of new buildings being proposed also declined by 51%.\u00a0<\/p>\n

In fact, virtually every change we track has declined substantially\u2014total number of dwellings, total Gross Floor Area, median storeys proposed, and total Floor Space Index all declined by more than 50% from last year. Living spaces also decreased as well, from 886 square feet of residential GFA per unit, to 721 square feet being proposed in Q2 of this year (a 19% decrease).\u00a0<\/p>\n

Summary of proposals submitted to the City of Toronto in Q2 2023 vs. Q2 2022. Data from UTPro.<\/span><\/p>\n

The one bright spot in this year’s report is that the total number of bicycle parking spaces continued its uphill climb: from 16,059 units in Q2 last year, to 21,340 units this year (a 33% increase). Moreover, while last year only 0.46 bike parking units were proposed for every dwelling unit, this year that proportion jumped up to 1.38. Auto aficionados do not have to fret however, since despite the decline in total car parking spaces, per unit that ratio increased from 0.43 in Q2 of 2022 to 0.65 in Q2 of 2023.<\/p>\n

The decline in the number of units being proposed is also affecting the unit mix as well. Whereas last year, only 60% of units were studios or 1-bedroom units, this year that number jumped to 64%.\u00a0<\/p>\n

While the maximum number of storeys proposed jumped from 75 to 80 this year, the additional 5 storeys only amounted to an extra 5 metres (21 feet) difference in height between the two buildings. This may indicate a trend for lower ceiling heights to rein in costs.<\/p>\n

1710 Ellesmere, the project with the most GFA submitted to the City of Toronto in Q2, 2023, designed by Kirkor Architects Planners for Tridel and Community Living Toronto<\/span><\/p>\n

While total commercial GFA declined year-over-year, there may be signs of a rebound in this sector. In Q2 last year, only 7.6% of total GFA was designated as commercial. This year, that share increased to 9.7%. Similarly, while only 18.4% of projects last year had an office component, this figure jumped to 21.1% this year.\u00a0<\/p>\n

Toronto developers are still clearly cautious about the future state of the market, as is reflected in the application data. Not only are they proposing fewer new projects, but they are proposing smaller projects on average as well. However, developers do seem to have some confidence about the future: the city is still expected to grow, transportation will be more bike-friendly, and obituaries for offices were written too soon.\u00a0<\/p>\n

GFA mix proposed to the City of Toronto in Q2, 2023 vs. 2022. Data from UTPro. <\/span><\/p>\n

New development applications submitted to the City of Toronto in Q2, 2023 vs. 2022. Data from UTPro.<\/span><\/p>\n

Car and Bike Parking (totals and per unit) in Q2, 2023 vs 2022. Data from UTPro. <\/span><\/p>\n

Mix of vehicular parking by type, proposed in Q2 of 2023. Data from UTPro.<\/span><\/p>\n

Breakdown of storeys proposed per building in the second quarter of 2023. Data from UTPro.<\/span><\/p>\n

Breakdown of storeys proposed per building in the second quarter of 2022. Data from UTPro.<\/span><\/p>\n

Residential GFA per unit proposed in Q2, 2023 vs. 2022. Data from UTPro.<\/span><\/p>\n

Total GFA proposed in Q2, 2023 vs. 2022. Data from UTPro.<\/span><\/p>\n

Total dwelling units proposed in Q2, 2023 vs. 2022. Data from UTPro.<\/span><\/p>\n

Correction (September 12, 2023, 2:01 pm): The summary chart was updated to correct typographical errors in the Change column.\u00a0<\/em><\/p>\n

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If you would like to stay updated on the latest development news, sign up for a free trial of the\u00a0New Development Insider<\/a>. And if you are interested in the data used to generate this report, you can get more details about the UTPro subscription database service\u00a0here<\/a>\u00a0or on the official\u00a0UTPro page<\/a>. If you require an instant report on a specific area in the city, check out our\u00a0Instant Reports<\/a>.<\/p>\n

For more information about UTPro, contact\u00a0Edward Skira<\/a>.<\/p>\n<\/div>\n