A Canadian Condo Boom

Downtown Vancouver is the most expensive housing market in Canada, according to a survey of 21 cities worldwide released last April by Century 21. The average sales price for a condo in Vancouver was around $419,750 in 2007, up 14.6 percent from last year, according to Royal Le Page Real Estate Services. The average sales price in Toronto, Canada’s largest city, was about $241,818, up 15.7 percent from last year, and in Montreal, $201,818, up 4.6 percent.

The city’s population has grown substantially as a result. In 2006, there were 36,321 more people living in Vancouver than in 2005, according to Statistics Canada, and 72 percent of the newcomers were immigrants.

The most expensive condo on the market in downtown Vancouver right now is a 7,000-square-foot waterfront penthouse listed for $18.2 million. The 38-year-old owner, an entrepreneur, said he bought the condo for $3 million four years ago, then sunk millions more into renovations. To read more Click Here.

By LINDA BAKER, The New York Times
Published: October 21, 2007