Brandon Donnelly — Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly. — Page 782

Bullpen Consulting and Batory Management published their Q4-2019 land insights report for the Greater Toronto Area today. According to the report, there were 36 high-density apartment land transactions in Q4-2019. The average sale price was about $111 per buildable square foot and Bullpen estimates that these future projects -- assuming they go condo -- will sell for just under $1,000 psf on average.

But that's blended across the entire GTA.

Looking at the core of Toronto (former City of Toronto boundaries), the average price per buildable square foot was about $187, which represents a year-over-year increase of 28%. There's also a premium for mid-rise sites. Bullpen pegs the average price of a mid-rise site in the City -- unzoned but with an active development application -- at about $231 pbsf. These numbers will obviously translate into much higher condo/apartment prices.

If you'd like to download a copy of the report, click here .

Architect Michael Green's new house in Kits Point, Vancouver was recently featured in the Globe and Mail. He and his family went from a 3,500 square foot home in the suburbs to a 1,500 square foot semi-detached home in the city, close to downtown. The house is simple, sparsely decorated, and about 13-feet wide.

Here's why he decided to do it: “I didn’t want to have to commute by car any more,” he says. “I wanted to be able to bike everywhere. I also wanted my kids to be able to bike everywhere. I wanted them to develop a sense of freedom, to have mobility, something too many kids don’t get these days.”

As we all know, there is typically a very real trade-off in cities between space and location. The further you move out from the core (a generalization), the more affordable space usually comes. But at the same time, your transportation costs also increase -- both directly and indirectly if you factor your time and your quality of life.

Depending on how you value each of these items, you might be inclined to pursue more space or pursue more reasonable transportation costs. A 2,000 square foot reduction in space might seem like a lot. But if you're heavily weighted toward freedom and mobility, as Green clearly is, it could be a perfectly rational decision.

Photo: Ema Peter via the Globe and Mail

I started watching Parasite on a flight home this past weekend (I know, I'm behind). The first couple of scenes immediately hooked me and so I ended up watching the full movie over the weekend. It's one of the most creative movies I have seen in a long time. (To be fair, I don't watch a lot of movies these days.) I won't spoil it all for you here, but if you haven't seen it yet, I would highly recommend it. One of the principal themes is social inequality. And it's interesting to see how that gets told through the spaces within the film. The poor family lives in a "semi-basement" at the end of what appears to be a laneway. And the rich family lives, higher up, in a house designed by a famous architect. Naturally it has a big and perfectly manicured backyard. At one point in the film, you also get to see which housing type is more environmentally resilient.

I'll leave it there. But it's worth checking out if you are into award-winning Korean tragicomedies .