The median assessment values for condos in Toronto and Vancouver were at a huge premium in 2018, according to Statistics Canada.
Toronto condos’ median assessment value reached $457 per square foot (PSF) in 2018, 32% higher than the median of all housing in the city. Vancouver’s median condo value reached $659 PSF, 11.13% higher than all homes in the city. The increase in Toronto’s condo premiums is almost three times the increase in Vancouver’s.
Toronto’s new condos saw the assessment trend amplified even more. Condos built from 2011 to 2015 had a median value of $548 PSF, 28.04% higher than all housing segments from the same period. Meanwhile, those built from 2016 to 2017 had a median value of $916 PSF, 131% higher than the median of all housing segments.
In contrast, Vancouver condos have much more sane assessment values than Toronto. Condos built from 2016 to 2017 had a median value of $829 PSF, 11.13% higher than the median of all housing segments. Those built from 2011 to 2015 had a median value of $772 PSF, 14.5% higher than all segments. The largest premium is for those built from 2001 to 2005, with a median value of $783 PSF, 30.5% higher than all housing.
“Toronto and Vancouver real estate buyers are placing a huge value premium on condos. That premium is even higher in new buildings that tend to have smaller end units,” Better Dwelling said.