New York City has overtaken Toronto in the development of multifamily residential units in North America with 38,815 such units under construction – outpacing the Canadian city by 701 units, according to a report from online search portal BuzzBuzzHome.
The numbers indicate New York’s “recovery from the housing market downturn,” according to a report that noted Toronto “has led in the construction sector for years” despite having a third of New York City’s population.
Toronto continues to lead the way with units per capita, however, with 1.46 homes under construction for every 100 people compared to 0.46 units for every 100 people in New York.
And while New York only slightly outpaces Toronto in total units under construction, there are 339 multifamily projects being built in the city compared to 129 such projects in Toronto – reflecting larger unit sizes in New York.
Around 40 percent of new condo units under construction in New York have more than three bedrooms, compared to only 6 percent in Toronto, BuzzBuzzHome said.
New York saw almost 18,000 residential construction permits approved in 2013 – just more than half of the 34,000 authorized in 2008, according to U.S. Census Bureau figures. — Rey Mashayekhi