I have been searching for comparisons to the Toronto and Vancouver Condo Market.
I recently found more information about the Condos in both of these cities and a few other cities.
The Greater Toronto Area (GTA) is second only to New York City, in the number of residential towers, almost 2000, (that are 12 storeys or higher to qualify.) Chicago, has 1,000 and Vancouver has more than 600. Hong Kong is the worlds leader with more than 7,000 buildings.
So there we have it, the number of residential towers:
Hong Kong: 7,000
Toronto: 2,000
Chicago: 1,000
Vancouver: 600
Vancouver has fewer Condos but the price is higher because of the smaller market and also the beautiful, physical locations, that most buyers will pay for.
Last year with 16,000 suites coming on the market, Toronto became the largest Condo market in North America. This number of units is helping to keep the market affordable; more projects, more choices, and more competition.
The Toronto Condo price is projected to rise in the 4-5 per cent range, equivalent to the rate of inflation. Vancouver prices are projected higher, perhaps due to the fact there are fewer choices and development lands are in shorter supply because the city is limited to where it can grow in the future.
Here in Toronto the greatest demand for Condos is the downtown area where purchasers can either walk to work or take a short ride on public transit. Lower Yonge, York Street, Queens Quay, Simcoe and King and Queen street are also popular choices.
North York areas of Yonge/Shepperd and Bayview/Shepperd are becoming more popular with new projects now going up a far as Yonge/Finch.
Condo Price Comparison:
A 26th floor, two-level luxury Vancouver Condo listing appeared for a record $18.2- million dollar asking price, located at 1000 Beach Ave.
In comparison, the highest priced listing on the Toronto Mls Ca website shows a luxury Condo listing at 22 St.Thomas at $7,390,000 asking price. This unit is in the Bloor-Yorkville area close to Museums, Shopping and Restaurants.
Back to Vancouver, there is a downtown listing at 938 Nelson for $6,900,000 with exceptional views as well.
A Toronto Condo at 38 Avenue Road is listed for $3,995,000 again one of the more expensive listing but somewhat less the Vancouver prices. Located at Avenue Road and Bloor, Yorkville is just steps away as is the Four Seasons Hotel and Park Hyatt Hotel. A new luxury Condo, One Bedford , now under construction will start to compete for the Yorkville and Bloor/Avenue Road Luxury Market.
Another exceptional luxury condo listing in Vancouver is a unit at the Presidio at Stanley Park with an asking price of $7,980,000. The views are really spectacular.
Summary:
Comparisons are most difficult because Vancouver and Toronto are really very different. Perhaps a comparison of Downtown Condos to Downtown Condos or Lake Ontario Waterfront Condos to Vancouver Waterfront Condos might be more realistic however these two Condo markets do exist and each city is a winner.
Iris Li
Toronto Real Estate WebSite
