It's on there, it's now called Munro.We can also add the 16th ave coop development.
It's on there, it's now called Munro.We can also add the 16th ave coop development.
these numbers are just “inner city” brownfield like developments. The suburbs have thousands of new greenfield units under construction as well. My area (Evanston,SageHill, Nolan hills, Carrington etc) probably 3-5 thousand multi-family units just finished or are under construction alone.8,699 units u/c is good, but we’re going to need a lot more or it’s going to be a crisis here. If people think it’s a crisis now, wait until it’s really a crisis.
Good point. I forgot these are brownfield only developments.these numbers are just “inner city” brownfield like developments. The suburbs have thousands of new greenfield units under construction as well. My area (Evanston,SageHill, Nolan hills, Carrington etc) probably 3-5 thousand multi-family units just finished or are under construction alone.
To me the problem is the lack of trades. Every construction site has help wanted signs hanging on the fences. Plus a building material shortage on top of that. Think developers would do more if they had more to work with
No new towers starting. Those two will be the only ones moving into the skyline for the next while. If I had to take an educated guess, I would go with Gallery First & Tenth, just because they've evicted the tenants and supposedly it's sold out. Outside of that I have no idea.Great to see plenty of units still u/c. It feels like there is a definitive shift from high rise concrete towers to smaller 5/1 style builds.
There are only two high rise builds at or below grade (fourth Street lofts, and First and Park), and both of those are a ways along, there are no new towers on the way unless I’m forgetting any.
There has been for sure. Probably a combination of things, as @MichaelS pointed out, interest rates are higher and has probably affected large builds. The advent of 6 floors wood frame has made it quite economical for the smaller developers to build a decent sized project. Here's some cost comparisons, using figures from the Alberta Government. I can't speak 100% to the accuracy of the costs, but there's a definite trend there. Building a tower with concrete is going to be more money, but will last longer and appreciate differently than a 6 floor wood frame building, but those upfront costs are big. I imagine Interest rates would make a difference for sure.Great to see plenty of units still u/c. It feels like there is a definitive shift from high rise concrete towers to smaller 5/1 style builds.
There are only two high rise builds at or below grade (fourth Street lofts, and First and Park), and both of those are a ways along, there are no new towers on the way unless I’m forgetting any.
Concrete | |||||
Sunalta | 207 | $50.7M | $245K/unit | ||
That Hat 14th | 279 | $75M | $269K/unit | ||
First & Park | 211 | $44M | $209K/unit | ||
Wood Frame | |||||
Trail 19 | 78 | $10.2M | $131K/unit | ||
Glenmore Apts | 264 | $42M | $160K/unit | ||
Hudson | 125 | $19.4M | $155K/unit | ||
Skyview Point | 100 | $15.2M | $152K/unit |
Unfortunately, an average of 2-4 midrises equate to roughly one 30-35 storey tower, in terms of units, and we're definitely not building enough midrises in the inner city/downtown to make up for this ratio. I know ppl are loving the midrise momentum on the forum but in terms of providing sheer density and pumping out more units, we need more towers!There has been for sure. Probably a combination of things, as @MichaelS pointed out, interest rates are higher and has probably affected large builds. The advent of 6 floors wood frame has made it quite economical for the smaller developers to build a decent sized project. Here's some cost comparisons, using figures from the Alberta Government. I can't speak 100% to the accuracy of the costs, but there's a definite trend there. Building a tower with concrete is going to be more money, but will last longer and appreciate differently than a 6 floor wood frame building, but those upfront costs are big. I imagine Interest rates would make a difference for sure.
Also those costs don't include the upfront cost of the land, which is higher for the inner city locations with higher zoning. For the near future I suspect we'll see a lot of 6 storey wood frame.
Sunalta 207 $50.7M $245K/unit That Hat 14th 279 $75M $269K/unit First & Park 211 $44M $209K/unit Trail 19 78 $10.2M $131K/unit Glenmore Apts 264 $42M $160K/unit Hudson 125 $19.4M $155K/unit Skyview Point 100 $15.2M $152K/unit
High rise construction has slowed in other cities as well. Vancouver and Toronto are strong but have slowed, and they’re strong in the high rise dept mainly because housing is so expensive and there’s more incentive to build as many units as you can.Rent up an average of 25% in Calgary, demand higher than ever, vacancy rates under 2% but there are many projects on hold.
Are there different interest rates in other cities?
It’d be nice to have more towers, and as a lover of skylines, it would great to have a few clusters here and there and a few more downtown.Unfortunately, an average of 2-4 midrises equate to roughly one 30-35 storey tower, in terms of units, and we're definitely not building enough midrises in the inner city/downtown to make up for this ratio. I know ppl are loving the midrise momentum on the forum but in terms of providing sheer density and pumping out more units, we need more towers!
No. Other cities are in it even worse.Rent up an average of 25% in Calgary, demand higher than ever, vacancy rates under 2% but there are many projects on hold.
Are there different interest rates in other cities?