Condo Prices: It's All Relative
by Yvonne von Jena | August 17, 2018
Vancouver and Toronto condo prices may seem high to Canadians, but it’s all relative. On a global basis, downtown condo living in several Canadian cities compare quite well according to Matthieu Arseneau, National Bank Financial’s deputy chief economist, who compared ownership prices of “comparably sized” downtown condos across 24 cities.
Ten cities have prices that are higher than Vancouver – Hong Kong, London, New York, Paris, Beijing, San Francisco, Tokyo, Sydney, Boston and Los Angeles. Three more cities are ahead of Toronto – Oslo, Copenhagen, and Stockholm.
So, for example, a 645-square-foot unit in downtown Toronto goes for US $460,000, at US $708 per square foot while the cost per square foot in Hong Kong is four times greater at US $2,858. Mr. Arseneau’s analysis does however exclude other factors beyond prices, such as income levels and taxes.
Here's the analysis, which shows that "you still get good value for your money" in Canada:
Said Mr. Arseneau, “Canadian cities are far from being overpriced by international standards.” And when you add in the liveability aspect, “home prices in Canada’s four largest cities look even more attractive when controlling for quality of life.”