Condo Ownership in Canada: How Major Cities Compare to Toronto

Toronto’s condominium market has long been Canada’s bellwether – known for high prices and rapid development – but how do other major cities stack up? Prospective condo buyers priced out of Toronto are increasingly exploring alternatives like Vancouver, Calgary, Edmonton, Ottawa, and Montreal. Below we compare these markets to Toronto across pricing, quality of life, amenities, density, and local dynamics, using recent data (2023–2024) to offer insights for savvy buyers.

Pricing and Affordability

Condo Prices: Condo costs vary dramatically by city. As of early 2025, average condo resale prices are approximately:

• Toronto: $642,300

• Vancouver: $748,100

• Montreal: $416,900

• Ottawa: $441,700

• Calgary: $353,000

• Edmonton: $198,800

In other words, a typical Toronto condo (around $640K) costs roughly double a Calgary condo and 3× an Edmonton condo. Vancouver is even pricier than Toronto, at roughly $748K on average . Toronto and Vancouver condo values have climbed about 30% in the past five years , far outpacing local income growth. By contrast, condos in cities like Calgary and Ottawa appreciated more modestly (e.g. +15% or less over 5 years ).

Affordability: The upshot is stark differences in affordability. In Toronto and Vancouver, home ownership costs consume an unprecedented share of income. RBC’s affordability index – which measures ownership costs as a % of median household income – hit 84.1% in Toronto and an “astounding 102.6%” in Vancouver . (In Vancouver, a representative home now costs more than a typical household’s full income .) By contrast, the burden is far lower in Calgary (47.6%) and Edmonton (36.7%), reflecting much better affordability . Montreal and Ottawa fall in between, at ~52% and 48% respectively – challenging but not as crushing as Toronto/Van. Put simply, buyers in Toronto or Vancouver face severe affordability strains, whereas those in Alberta (and to a lesser extent Montreal/Ottawa) will find prices more proportional to incomes.

Recent interest rate hikes have cooled the hottest markets somewhat. Toronto’s average condo price in Jan 2025 was down ~3% vs a year prior , and Vancouver’s dipped ~1.7% . In Montreal, Ottawa, and Calgary, however, condo prices still rose year-over-year (up ~5%+), and Edmonton spiked over 13% from a low base . This suggests relative value in the smaller markets is drawing demand, while Toronto/Vancouver stagnate at high price levels. For buyers, the gap in condo costs and affordability is perhaps the most decisive factor when evaluating alternative cities.

Quality of Life: Livability, Safety and Green Space

Affordability aside, lifestyle considerations are key. The good news: Canada’s big cities score highly on global livability indices. In the Economist Intelligence Unit’s 2023 rankings, Vancouver, Calgary, and Toronto all placed in the top 10 worldwide (5th, 7th, and 9th respectively), each earning overall livability scores above 96/100 . These cities benefit from stability, excellent healthcare and education, and vibrant culture. Montreal and Ottawa, though not top-10 globally, are also often cited for their cleanliness, family-friendliness and general well-being. In short, none of these cities require major lifestyle sacrifices – it’s more a question of which lifestyle fits you.

Crime and Safety: Looking at crime rates, Toronto and Ottawa are the safest of the bunch. Toronto’s Crime Severity Index (CSI) sits around 69 (per 100) and Ottawa’s an even lower 56 , indicating low overall crime severity for cities of their size. Montreal and Calgary are slightly higher (CSI ~80 and 72, respectively) , but still moderate. Vancouver and Edmonton have notably higher crime indices – Vancouver about 97 and Edmonton 113 (driven by more violent and property crime) . These stats align with on-the-ground perceptions: Ottawa’s government town vibe and Toronto’s well-policed business districts feel quite safe, whereas Edmonton in particular has struggled with higher crime. A condo buyer prioritizing personal safety might weigh this accordingly (keeping in mind neighborhood-level variation is significant in every city).

Green Space: Access to parks and nature is another facet of life. All six cities boast large parks and nearby natural escapes, but urban greenery metrics show differences. A Statistics Canada satellite study found Montreal and Vancouver are the greenest big cities by land cover (about 70% of their area classified as green in summer), followed by Toronto (65%), Edmonton (60%), and lastly Calgary (42%) . Montreal’s extensive tree canopy and Vancouver’s famous parks (plus coastal mountains at its doorstep) give residents ample fresh air. Toronto has made strides with ravines and islands, though its sheer size means plenty of concrete. Calgary’s lower green score is partly due to prairie geography – the city has parks (like its river valley), but also vast open plains and new subdivisions with less mature vegetation. For nature lovers, Vancouver’s combo of urban amenities and spectacular outdoor access is hard to beat, while Ottawa also offers abundant parkland and the Rideau Canal. On the flip side, even Canada’s densest cities are far more green than global peers – urban greenness isn’t a major concern in any of these markets.

Access to Amenities: Transit, Walkability and Services

A condo’s value partly lies in convenience – transit access, walkability, and proximity to services. Toronto leads on public transportation overall: it has the country’s most extensive subway/light rail network and about 23% of commuters rely on transit . Montreal also has a well-established metro and bus system (21% transit share) . Vancouver uses driverless SkyTrains and buses to achieve ~20.5% transit commute share . In contrast, car dependency is higher in Calgary and Edmonton, which feature smaller LRT systems – only ~12% and 10% of commuters use transit in those cities . Ottawa’s new LRT has had teething issues; transit usage there fell to ~12% post-pandemic . For a buyer, this means if you want to live car-free, Toronto, Montreal, or Vancouver condos offer the easiest lifestyles. Calgary and Edmonton do have transit-served condo hubs, but overall you may end up driving more often in those cities.

Walkability follows a similar pattern. According to Walk Score rankings, Vancouver is the most walkable city in Canada (Walk Score ~79.8, “very walkable”), with Montreal (65.4) and Toronto (61.0) next in line . These cities have numerous dense, pedestrian-friendly neighborhoods where daily errands can be done on foot. In fact, parts of downtown Vancouver and Toronto are “Walkers’ Paradises” scoring 90+ . Calgary and Edmonton rank much lower – their sprawl and wider roads make them among the least walkable large Canadian cities (Calgary’s score is around 41) . Ottawa’s walkability is moderate and improving in the core. For buyers, this means urban lifestyle amenities are most accessible in Toronto/Montreal/Vancouver, whereas in car-centric Alberta cities you’ll want to ensure your condo is near the places you need or has good transit.

All six cities provide a full range of healthcare, education, and retail amenities. Toronto as the largest metro naturally has the most hospitals, universities, and shopping options – but it also means more congestion in accessing them (Toronto’s transit commute times rank among the longest in North America ). Vancouver and Montreal’s healthcare systems are similarly top-notch, with Montreal having the added factor of French-language services. Ottawa benefits from being a capital city, with well-funded hospitals and perhaps the shortest commutes of the group. Calgary and Edmonton have major medical centers and malls to rival any city, but fewer of them – one reason some residents fly to Toronto for very specialized care. Overall, buyers can expect solid infrastructure in any Canadian city, but should account for differences in transit and walkability when choosing a location.

Urban Density and Development

Toronto’s vertical condo lifestyle is distinct, and one might wonder if other cities offer a similar urban density or a more spread-out feel. In terms of population and density: the Greater Toronto Area (6.2 million people) dwarfs the others , and the city of Toronto proper packs ~2.8 million into 630 km² (over 4,300 people/km²). Montreal (metro ~4.3M ) has dense historic neighborhoods but also wide suburbs; the city of Montreal’s density (~4,000/km²) is just shy of Toronto’s. Vancouver (metro ~2.6M) is actually the most densely populated city proper (5,700/km²) due to its constrained footprint – its downtown peninsula is a forest of condo towers. Calgary and Edmonton (metro ~1.5M each) are far more sprawling; their densities (around 1,600/km² and 1,300/km² in city limits) reflect a landscape of single-family homes. Ottawa (1.5M metro) has a unique mix: a dense downtown but also large green belts and rural areas within city bounds, yielding an average density under 500/km². For buyers, this means Toronto, Vancouver, Montreal offer the buzz of big-city density, whereas Calgary, Edmonton provide more breathing room and car-oriented layouts. Ottawa lies somewhere in between.

When it comes to condo supply and new development, Toronto still leads by a mile. As of Q1 2024, Toronto had 221 high-rise construction cranes active – the most in North America by far . The city’s skyline is constantly evolving, fueled by investor pre-sales and population growth. Vancouver and Montreal also have steady condo construction, but on a smaller scale (for comparison, Los Angeles had ~50 cranes in early 2024 , and Calgary just 20 ). In fact, Calgaryhas recently ramped up condo building: 2023 saw record housing starts in the city, with over 21,000 building permits – a sign of surging demand . Most of Calgary’s new cranes are for residential towers downtown, reflecting efforts to diversify its once oil-centric economy . Edmonton’s condo development has been more modest, though it too has seen an uptick as affordability attracts newcomers. Ottawa and Montreal have a slower, more managed pace of condo growth, with mid-rise projects fitting into the urban fabric.

For a buyer, ample new supply can mean more choices and potentially better negotiating power – Toronto’s glut of new condos has kept its resale inventory high. Indeed, by late 2023 Toronto/Vancouver had rising condo inventory and slower sales volumes, as high mortgage rates sidelined some buyers . Developers in those cities are even delaying some projects due to weak pre-sales and investor caution . In contrast, Calgary’s market is tighter: strong in-migration and fewer past builds have kept demand ahead of supply, contributing to recent price bumps . Montreal and Ottawa appear relatively balanced – building enough to meet demand, with condo prices rising gradually in the mid-single-digits . The bottom line is that Toronto’s condo scene is the most crowded (both in skyline and market competition), whereas smaller cities may have more headroom for new construction and, potentially, price growth.

Local Market Dynamics and Regulations

Each city’s real estate market has its own character. Investor vs. end-user ownership is a notable differentiator. In Toronto and Vancouver, investors play an outsized role in the condo sector. Recent data show about 39% of Toronto CMA condos and 34% of Vancouver condos are investor-owned (not occupied by the owner) . Many of these units are rented out or held for appreciation, which can fuel speculative cycles. Montreal historically has had more owner-occupants (its condo market developed later, often for downsizing locals), and Alberta’s cheaper prices meant investors were less prevalent – though that is changing as out-of-province investors eye Calgary’s rental yields. A higher investor share can mean more rental supply, but also more vulnerability to regulatory changes and a focus on smaller units. Buyers intending to live in their condo might prefer cities or neighborhoods with more end-users (often a proxy for a less transient community).

Regulatory factors also differ and can impact condo owners and investors. In an effort to cool speculation, British Columbia and Ontario introduced foreign-buyer taxes in the late 2010s, and both Vancouver and Toronto now levy annual vacant home taxes on unused units . (Vancouver’s empty homes tax is 3% of assessed value; Toronto’s is 1%.) These measures, along with Canada’s 2023–2025 federal foreign buyer ban, have tempered some speculative demand in Toronto/Vancouver. Montreal did not have a foreign buyer tax before the federal ban, which made it somewhat more attractive to global buyers until recently. Alberta (Calgary/Edmonton) has generally taken a laissez-faire approach – there are no additional taxes on non-resident buyers or vacant units there. This pro-investment stance, combined with no rent control (Alberta allows unlimited rent increases with proper notice, unlike the stricter rent caps in Ontario and BC), makes Calgary and Edmonton appealing for investors. However, the flip side is less tenant protection and, potentially, more market volatility.

Local government policies on zoning and development also play a role. Toronto and Vancouver have notoriously strict zoning in many areas (which drives up core prices), but are gradually rezoning for more density. Calgary and Edmonton, surrounded by abundant land, historically expanded outward – but both are now encouraging downtown revitalization with new condo projects and conversions. Ottawa balances growth with preservation (high-rise nodes vs. low-rise neighborhoods), and Montreal is known for its unique co-ownership laws (e.g., many condos in triplex “plex” buildings) and language considerations in contracts.

Overall, a buyer should note that Toronto and Vancouver’s markets are highly mature and regulated – which can stabilize long-term values but also means higher upfront costs and taxes. Calgary and Edmonton offer more open, boom-bust markets with low entry costs and less red tape, albeit with economics tied to commodity cycles. Montreal and Ottawa present middle-ground dynamics: moderately priced, with steady economies (government and diversified industries) and only light intervention in the housing market.

Choosing the Right Market: Key Takeaways

For condo buyers evaluating Canada’s cities, the trade-offs are clear:

• Budget vs. Location: If affordability is your top priority, cities like Calgary and Edmonton stand out – you can buy a condo for half to a third of the Toronto/Vancouver price . Carrying costs relative to income are far more manageable in these markets, freeing up your budget for other goals. The trade-off: a different lifestyle (more driving, less bustle) and potentially slower long-term appreciation (though recent growth in Calgary has been robust ).

• Lifestyle and Livability: If you crave big-city amenities, cultural vibrancy, and global connectivity, Toronto, Vancouver, or Montreal may be worth the premium. Vancouver offers natural beauty and climate advantages (milder winters) alongside top-tier livability – but at a Vancouver price. Toronto is an economic powerhouse with endless entertainment and job opportunities, though congestion and costs are high. Montreal provides a European flair, bilingual culture, and relative affordability, appealing to those comfortable in French or seeking value with urban charm.

• Balanced Option: Ottawa often emerges as an underappreciated alternative – it has a stable economy (government and tech), very high quality of life (safe, green, family-friendly), and condo prices around one-third cheaper than Toronto . While it lacks the size and excitement of Toronto or Montreal, for many buyers Ottawa hits a sweet spot of affordability and comfort, especially for young families or those in public-sector careers.

• Market Dynamics: Consider your investment horizon and risk tolerance. Toronto and Vancouver condos have historically yielded strong gains, but at today’s prices much of that upside may be priced in, and investors are increasingly cautious . Calgary and Edmonton are more of a value play – lower entry price and potentially higher percentage gains if the cities continue to grow and diversify (not to mention no land transfer tax in Alberta, saving thousands upfront). Montreal’s condo market is growing steadily and may offer a nice mix of appreciation and affordability, though Quebec’s different legal system and politics are factors to understand. Always account for taxes, insurance, condo fees, and rent rules in each province as they can affect your net returns and carrying costs.

In summary, Toronto remains the benchmark for condo living in Canada – high-density, high-price, high-reward (if you can afford it). But viable alternatives abound. Vancouver rivals Toronto in condo prices, yet delivers superlative livability and West Coast appeal. Calgary and Edmonton provide budget-friendly options and strong economic momentum in Alberta, at the cost of some urban convenience. Montreal and Ottawa offer more affordable urban lifestyles with distinct cultural and political climates. The “best” market ultimately depends on your priorities: financial capacity, desired lifestyle, and long-term plans. By comparing key metrics – from average prices to crime rates and transit access – buyers can make an informed choice.

Actionable insight: Do your homework on each city’s conditions. For example, a buyer relocating from Toronto might find Calgary’s low prices and growing tech scene attractive, but should be ready for winters without a subway and a housing market influenced by oil booms. Or, a Vancouverite seeking a change might love Montreal’s condos at half the price and rich culture, but must factor in the slower price growth and language. Each Canadian city has its own version of the condo dream – aligning that with your personal needs is the key to finding long-term satisfaction in your investment and lifestyle.

Sources: Recent real estate board reports, RBC Economics , StatsCan and CMHC data, and livability indices have been used to ensure information (2023–2025) is up to date and reliable for decision-making. Buyers are encouraged to consult local market reports and professionals for the latest trends before making a move.