This document provides an overview and analysis of the office condo markets in Vancouver and Toronto. It finds that office condo markets in both cities have experienced significant growth in recent years, driven by increasing commercial lease rates. Owning an office condo can provide cost savings compared to leasing, as well as equity appreciation. The Vancouver market saw particularly strong growth in the Broadway Corridor, while the Toronto market saw most sales in downtown and midtown areas close to transportation. Both markets are expected to continue attracting demand from owner-occupiers and investors.

1. INSIGHTS
INFORM
INSPIRE
ENGAGE
ENTERTAIN
Office Condo Market Gaining Appeal
An In-Depth Analysis of the Vancouver and
Toronto Office Condo Markets.

2. OFFICE CONDO / INSIGHT REPORT PAGE 03
1. OVERVIEW
HISTORICALLY SPEAKING, OFFICE CONDO UNITS WERE TYPICALLY
DEVELOPED IN A SMALL QUANTITY, IN SUBURBAN MARKETS
AND GEARED TOWARDS PROFESSIONALS WITHIN THE MEDICAL
INDUSTRY. OFFICE CONDO’S OPENED UP AN OPPORTUNITY FOR AN
OCCUPIER TO OWN THEIR OFFICE SPACE WITH THE ADVANTAGE
OF HAVING A FIXED AND CLEAR COST, FULL CONTROL OVER THE
DESIGN TASTE WITHIN THE PREMISES AND MORE SIGNIFICANTLY
HAVING TAX BENEFITS THAT A TENANT CANNOT TAKE ADVANTAGE
OF. A FURTHER ADVANTAGE IS THAT AN OWNER WON’T HAVE
TO WORRY ABOUT THE ANNUAL RENT INCREASES OR LACK
OF FLEXIBILITY THAT IS USUALLY COUPLED WITH A LEASE
CONTRACT. THE STRONG CAPITAL APPRECIATION OF COMMERCIAL
REAL ESTATE, COUPLED WITH A LOW CANADIAN INTEREST RATE
PRESENTS A CURRENT OPPORTUNITY FOR DEVELOPERS TO BUILD
MORE OFFICE CONDOS AND SUBSEQUENTLY ATTRACT A MORE
DIVERSE SET OF OCCUPIERS AND INVESTORS.
OVERVIEW.....................................................................................................................................
OWN VERSUS LEASE......................................................................................................................
METRO VANCOUVER OFFICE CONDO MARKET..................................................................................
TORONTO OFFICE CONDO MARKET..................................................................................................
THE ARRIVAL OF NEW OFFICE CONDO BRINGS THE OPPORTUNITY FOR UNIQUE OWNERSHIP.............
03
05
09
11
17
1.
2.
3.
4.
5.

3. OFFICE CONDO / INSIGHT REPORT PAGE 05
OWN VERSUS LEASE
VANCOUVER DOWNTOWN CLASS A OFFICE CONDO OWNERSHIP VS. OFFICE LEASING
OWNING SCENARIO OFFICE LEASING SCENARIO OFFICE
TOTAL SQ.FT. 3,000 TOTAL SQ.FT. 3,000
PRICE PER SQ.FT. (INCL. PARKING) $ 700 LEASE TERM 10
PURCHASE PRICE $ 2,100,000 NET RENT PER SQ.FT. $ 35
DOWN PAYMENT (20%) 20% - $ 420,000
TENANT IMPROVEMENT $ 70,000 MONTHLY LEASE PAYMENT $ 8,750
MORTGAGE AMOUNT $ 1,750,000 ANNUAL LEASE COST $ 105,000
INTEREST RATE 3.00% RENTAL COST $ 35
MONTHLY MORTGAGE PAYMENT $ 8,299 ANNUAL SAVINGS ON OWNING (OVER 10 YEARS) $ 54,156
ANNUAL MORTGAGE COST $ 99,584 EQUITY GROWTH DURING OWNERSHIP (10 YEARS) $ 640,024
MORTGAGE COST PER SQ.FT. $ 33 EQUITY GROWTH DURING LEASE (10 YEARS)
2.
There have been significant increases in commercial lease rates
over the past 10 years in Toronto and Vancouver. Intensifying
urbanization, the desire for people and organizations to be located
centrally, and a demand for space in higher quality buildings are
some of the factors attributing to the increase in lease rates. As
lease rates continue to increase and Canadian interest rates remain
low, firms have the opportunity to own their office space at lower
or equal costs to leasing.
In the example above, a sale price of $700 per square foot is
presented in comparison to a net lease rate of $35 per square foot.
Comparable office buildings are used without associating additional
costs in both cases, while using Vancouver’s market rates. Based
on a standard 20% down payment at an interest rate of 3% and a
25 year amortized mortgage, the total mortgage cost per square
foot for owning an office equates to $33. This is a $2 per square
foot savings versus leasing, which provides an annual savings (over
a 10 year term) of $54,156. In addition to the annual savings, at
a 10 year 3% compounding capital appreciation, owning an office
could earn the purchaser about $640,000 in equity, while leasing
gains no equity.
TORONTO AND VANCOUVER DOWNTOWN OFFICE LEASE RATE - 2005 TO 2015
$28.13
$29.22
$35.39
$31.00
$37.00
$36.00
$21.02
$24.92
$27.87
$23.00
$33.00
$34.00
$14.10
$18.38
$22.82
$15.00
$25.00
$27.00
$8.84
$16.33
$18.30
$10.00
$18.00
$19.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Toronto Vancouver
Toronto and Vancouver Downtown Office Lease Rate - 2005 to 2015
AAA A B C
$28.13 $29.22
$35.39
$31.00
$37.00 $36.00
$21.02
$24.92
$27.87
$23.00
$33.00 $34.00
$14.10
$18.38
$22.82
$15.00
$25.00
$27.00
$8.84
$16.33 $18.30
$10.00
$18.00 $19.00
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$45.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Toronto Vancouver
Toronto and Vancouver Downtown Office Lease Rate - 2005 to 2015
AAA A B C
$28.13 $29.22
$35.39
$31.00
$37.00 $36.00
$21.02
$24.92
$27.87
$23.00
$33.00 $34.00
$14.10
$18.38
$22.82
$15.00
$25.00
$27.00
$8.84
$16.33 $18.30
$10.00
$18.00 $19.00
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$45.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Toronto Vancouver
Toronto and Vancouver Downtown Office Lease Rate - 2005 to 2015
AAA A B C

4. OFFICE CONDO / INSIGHT REPORT PAGE 07
IN ANALYZING THE OFFICE CONDO SALES
COMPARABLE, THERE WERE SEVERAL
CHARACTERISTICS THAT TOP-PRICE OFFICE
CONDO HAD IN COMMON:
> Central location close to transit
> Steel or reinforced concrete frame with
reinforced concrete and concrete block
Glass wall façade
Two elevators – if building a mix-use
building, two elevators designated to just the
office portion
Underground parking
Amenities such as fitness room, change/
shower facilities, and shared outdoor spaces
Flexibility in condo size with the ability
to combine smaller units to create larger
spaces
OWN VERSES LEASE2.
COLLIERS INTERNATIONAL RESEARCHED WHAT
INDUSTRY AND BUSINESS SIZE CHARACTERIZES MOST
OF THE OFFICE CONDO USERS. THE RESULTS INDICATED
THAT THE TYPICAL OFFICE CONDO USER TENDS TO BE A
SMALL TO MID-SIZED BUSINESS SUCH AS ENGINEERING,
LAW, CONSULTING, ACCOUNTING AND CONTRACTING
FIRMS WHO ARE LOOKING TO BUILD EQUITY. BY INVESTING
IN THEIR OWN REAL ESTATE THESE COMPANIES FOREGO.
BEING BOUND TO STRICT LEASING CONTRACTS. OWNING
OFFICE SPACE ALSO ELIMINATES THE CHALLENGES
THAT CAN OCCUR EVERY TIME A COMPANY’S LEASE
EXPIRES, SUCH AS NEGOTIATING NEW TERMS, OR HAVING
TO RELOCATE IN SEARCH OF A BETTER DEAL. THESE
FACTORS, COUPLED WITH A LOW CANADIAN INTEREST
RATE IS WHY MANY BUSINESSES ARE CURRENTLY EAGER
TO BUY AND OWN THEIR OFFICE SPACE.

5. OFFICE CONDO / INSIGHT REPORT PAGE 09
ACROSS METRO VANCOUVER THE OFFICE CONDO MARKET HAS EXPERIENCED A SIGNIFICANT INCREASE
IN INVESTMENT VOLUME FROM 2006 TO 2015. WHILE THIS TREND CAN BE SEEN ACROSS THE METRO
AREA, OFFICE CONDO DEVELOPMENTS IN THE CITY OF VANCOUVER IN PARTICULAR ARE GROWING TO A
GREATER EXTENT AND ATTRACTING INVESTORS DUE TO THE INCREASING LEASE PRICES PER SQUARE
FOOT YEAR-OVER-YEAR.
The above chart provides a breakdown of office condo sales from 2010 to 2015 across different markets. Although
most of the markets display the trend of an increase in sales volume, the Broadway Corridor market recorded
the highest sales volume with just over $90M in 2014. This can be attributed to Orca West Development’s Neelu
Bachra tower, which was completed in 2014. As one of the first new office condo developments in the highly
desirable Broadway Corridor, this development set a precedent for a high quality office condo product within a
walking distance to the Canada line subway, reaching an average price per square feet of $862.
Recent demand for office condos has been mixed between investors and end-users. New projects across various
municipalities in the region have experienced an influx from professional end-users, such as medical, and investors
looking for capital appreciation and cash flow. With a low interest rate environment and strong demand for
ownership, we expect to see more demand from end-users, particularly those in the professional and technology
industries. That said, Metro Vancouver continues to experience strong interest from local, national, and foreign
capital, in which office condo projects will continue to be an attractive investment to these groups.
METRO
VANCOUVER
OFFICE
CONDO
MARKET
3.
OUTLOOK
ALTHOUGH THE 2015 OFFICE CONDO MARKET RECORDED LOWER SALES VOLUME IN COMPARISON
TO 2014, IT IS MORE AN INDICATION OF A LACK OF QUALITY PRODUCT IN THE MARKET THAN
OF A LACK OF DEMAND. YEAR OVER YEAR THE DOWNTOWN AND THE BROADWAY CORRIDOR
MARKETS CONTINUE ATTRACTING THE HIGHEST PURCHASE PRICES, WHILE DEMAND CONTINUES TO
SURGE FOR INVESTORS AND END-USERS. IN TERMS OF SQUARE FEET SOLD, THERE IS A LARGER
AMOUNT OF TRANSACTIONS OCCURRING IN THE SUBURBS THAN DOWNTOWN DUE TO A LARGER
PRODUCT BASE. FURTHERMORE, THE AVERAGE SIZE OF OFFICE CONDO UNITS SOLD IS ALSO
LARGER IN THE SUBURBS. THE SIZE OF OFFICE CONDOS SOLD WITHIN THE CITY OF VANCOUVER
AVERAGED 1,710 SQUARE FEET, WHILE SALES IN THE SUBURBS AVERAGED 2,393 SQUARE FEET.
THE DIFFERENCE IN THE NUMBER OF SALES BETWEEN THE MARKETS ACROSS METRO VANCOUVER
ALSO DEMONSTRATES THE LIMITED SUPPLY IN THE CITY OF VANCOUVER WITH ONLY 30 SALES
TRANSACTED COMPARED TO 126 IN THE SUBURBS.
SALES VOLUME
PER YEAR PER MARKET
METRO VANCOUVER OFFICE CONDO
VOLUME DEAL COUNT
-
50
100
150
200
250
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1-
Q3
Millions
Strata Office Volume and Deal Count: 2006 - Q3 2015
Sales Volume Deal Count
-
50
100
150
200
250
$-
$20
$40
$60
$80
$100
$120
$140
$160
$180
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1-
Q3
Millions
Strata Office Volume and Deal Count: 2006 - Q3 2015
Sales Volume Deal Count
0
50000
100000
150000
200000
250000
300000
0
10
20
30
40
50
60
70
80
90
100
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
2010 2011 2012 2013 2014 2015
Millions
Sales Volume Total Area (SF)
0
10
20
30
40
50
60
70
80
90
100
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
BroadwayCorridor
Downtown
FraserValley
GreaterVancouver
2010 2011 2012 2013 2014 2015
Millions
Sales Volume Total Area (SF)

6. OFFICE CONDO / INSIGHT REPORT PAGE 11
TORONTO
OFFICE
CONDO
MARKET
4.
IN THE PAST SIX YEARS, THE TORONTO OFFICE REAL ESTATE MARKET HAS NOT ONLY SEEN A SIGNIFICANT
INCREASE IN THE SALE ACTIVITY OF OFFICE CONDOS, BUT ALSO AN INCREASE IN THE DEVELOPMENT
OF NEW OFFICE CONDO PROJECTS. DEVELOPERS IN TORONTO ARE DIVERSIFYING THEIR PORTFOLIO
AMONG DIFFERENT REAL ESTATE ASSETS SUCH AS OFFICE BUILDINGS, HOTELS, MIXED-USE RETAIL AND
RESIDENTIAL REAL ESTATE. OFFICE-CONDO BUILDINGS ARE NOW BEING ADDED AS AN ADDITIONAL ASSET
TO THEIR PORTFOLIO.
THE DEMAND FOR OFFICE CONDOS IS TYPICALLY FROM PROFESSIONAL SERVICE FIRMS AS END USERS,
OR LOCAL AND INTERNATIONAL INVESTORS SEEKING A SOLID AND PREDICTABLE CASH FLOW. WHILE THIS
DEMAND VARIES ACROSS MARKETS AND BUILDING TYPE, THE INCREASED OFFICE LEASING PRICE PER
SQUARE FOOT AND THE DESIRE TO OWN HAS TRANSFORMED THE OFFICE CONDO MARKET INTO A HIGHLY
SOUGHT AFTER INVESTMENT.
THERE WERE A TOTAL OF 177 SALE TRANSACTIONS RECORDER FROM 2010-2015, THROUGHOUT 66 DIFFERENT
BUILDINGS IN TORONTO. THE MAJORITY OF THESE OFFICE CONDO UNITS WERE SOLD IN BUILDINGS THAT ARE
CLOSER TO THE MAJOR TRANSPORTATION LINES LOCATED IN THE DOWNTOWN AND THE CENTRAL MIDTOWN
MARKETS, AND WITHIN A CLOSE PROXIMITY TO THE MAJOR HIGHWAYS IN THE CITY.
MAIN OFFICE CONDO PROJECTS IN THE CITY OF TORONTO:
1. 4050 Yonge Street, Yonge Park Plaza – Easton Group – Planned
2. 4773 4789 Yonge St, Hullmark Centre – Hullmark Tridel – 2014 Built
3. 135 Yorkville Avenue – Camrost Felcorp – Planned
4. 7 St. Thomas – St. Thomas Developments – Planned
5. 130 Queens Quay E, City of Arts – Daniels Corp – Planned
6. 1133 Yonge Street – mixed-use – Conversion
7. 334 Adelaide Street West – mixed-use – 2014 Built
8. 117 Peter Street – mixed-use – Under Construction
NOTE: OTHER BUILDINGS CONTAINING OFFICE CONDOS AND LEASED OFFICES (OR OFFICE LISTINGS BEING
MARKETED AS FOR SALE OR LEASE) WERE NOT INCLUDED IN THIS LIST.

7. OFFICE CONDO / INSIGHT REPORT PAGE 13
OUTLOOK
THE OFFICE CONDO MARKET IN TORONTO IS TAKING OFF AND
THE DEMAND IS INCREASING AS THERE ARE A FEW NEW
OFFICE CONDOS CURRENTLY UNDER DEVELOPMENT ACROSS
THE CITY. CURRENTLY, THE OFFICE CONDOS THAT ARE
AVAILABLE OFFER A WIDE VARIETY OF DIFFERENT OFFICE
SPACES, WHICH CAN ATTRACT A DIVERSE SET OF USERS
AND PRIVATE INVESTORS. THE CENTRAL NORTH MARKET HAS
THE MOST ACTIVITY AS IT HAS RECORDED 49 OFFICE-CONDO
The above chart provides a detailed picture of the transacted office
condo sales from 2010 to 2015, broken down by the different
markets across the city. Sale activity remained steady year after
year until it surged in 2015 recording close to $87 million in sales
volume, particularly in the Central North market. The other spike in
TORONTO
OFFICE CONDO
MARKET
4.
SALES VOLUME
PER YEAR
PER MARKET
Midtown office condo sales took place in 2010. This was due to 2
sale transactions that took place at 101 Bloor Street West, where half
of the building was sold to KingSett Capital, a private investor and
the second half of the building was purchased by Ontario College of
Teachers, a user.
Since 2010 there has been a mix of purchasers’ identities buying
office condos, from public investors to private investors, users,
institutions and developers. However, the main two groups that seem
to be the most active in the office condo market every year are private
investors and users. Even though investors typically purchase larger
units than end-users, the latter have recorded more transactions every
year. In 2015, 74% of the office condo sales were purchased by users,
while the remaining 26% were purchased by private investors.
TORONTO OFFICE CONDO MARKET
VOLUME DEAL COUNT
PER PURCHASER IDENTITY
SALES IN 2015 AND IS OFFERING 43% OF THE CURRENT
OFFICE CONDO AVAILABILITY. THE CENTRAL NORTH IS A
VERY WELL CONNECTED MARKET WITH SUPERIOR TRANSIT
ACCESS TO TWO MAIN HIGHWAYS: THE DVP AND HWY 401,
TTC SUBWAY, GO RAIL AND A PROPOSED LRT. THIS MARKET
ALSO HAS DIRECT ACCESS TO BOTH THE CITY OF TORONTO
AND YORK REGION’S WORK FORCES AND TALENT POOLS DUE
TO ITS CENTRAL LOCATION.
0
10
20
30
40
50
60
70
0
5
10
15
20
25
30
35
40
45
50
PrivateInvestor
User
PrivateInvestor
User
Institution
PrivateInvestor
PublicInvestor
User
Developer
User
PrivateInvestor
User
PrivateInvestor
User
2010 2011 2012 2013 2014 2015 (Q1-Q3)
Millions
Toronto Office Condo Market
Volume and Deal Count per Purchaser Identity
Sales Volume Number of Sales
0
10
20
30
40
50
60
70
0
5
10
15
20
25
30
35
40
45
50
PrivateInvestor
User
PrivateInvestor
User
Institution
PrivateInvestor
PublicInvestor
User
Developer
User
PrivateInvestor
User
PrivateInvestor
User
2010 2011 2012 2013 2014 2015 (Q1-Q3)
Millions
Toronto Office Condo Market
Volume and Deal Count per Purchaser Identity
Sales Volume Number of Sales
0
20000
40000
60000
80000
100000
120000
140000
160000
0
10
20
30
40
50
60
70
CentralDowntown
CentralMidtown
SuburbanEast
SuburbanWest
CentralDowntown
CentralEast
CentralMidtown
CentralNorth
CentralDowntown
CentralEast
CentralMidtown
SuburbanEast
SuburbanWest
CentralDowntown
CentralEast
CentralDowntown
CentralEast
CentralMidtown
CentralNorth
SuburbanEast
SuburbanWest
CentralDowntown
CentralEast
CentralMidtown
CentralNorth
SuburbanEast
SuburbanWest
2010 2011 2012 2013 2014 2015 (Q1-Q3)
Millions
Sales Volume per Year per Market
Sales Volume Total Area (SF)
0
20000
40000
60000
80000
100000
120000
140000
160000
0
10
20
30
40
50
60
70
CentralDowntown
CentralMidtown
SuburbanEast
SuburbanWest
CentralDowntown
CentralEast
CentralMidtown
CentralNorth
CentralDowntown
CentralEast
CentralMidtown
SuburbanEast
SuburbanWest
CentralDowntown
CentralEast
CentralDowntown
CentralEast
CentralMidtown
CentralNorth
SuburbanEast
SuburbanWest
CentralDowntown
CentralEast
CentralMidtown
CentralNorth
SuburbanEast
SuburbanWest
2010 2011 2012 2013 2014 2015 (Q1-Q3)
Millions
Sales Volume per Year per Market
Sales Volume Total Area (SF)

8. OFFICE CONDO / INSIGHT REPORT PAGE 15
VANCOUVER
SILVER
Located in the urbanizing inner-city submarket of
Burnaby, Silver is a 38-storey mixed-use tower
developed by Intracorp. As one of the tallest towers in
Burnaby, Silver will contain 284 residential units, 5,862
SF of main floor retail and 10,852 SF of office space.
TORONTO/
NORTH YORK
YONGE PARK
PLAZA
Looking at a hypothetical scenario with ownership versus
leasing in Burnaby addresses the opportunity and affordability
of purchasing an office condo. With Class A office lease rates
in Burnaby on the higher end of $30 per square foot and a
comparable office condo selling at $550 per square foot, the
mortgage payment would break down to $26 per square foot.
When compared to leasing, this represents a cost savings of $4
per square foot or approximately $109,000 over a 10 year period.
High lease rates in Burnaby, coupled with a low Canadian
interest rate and proven capital appreciation with office condos,
provides a great opportunity for end-users to own their space
and build equity in a strong performing asset.
Strategically located in the heart of the Yonge York Mills office
marker, Yonge Park Plaza, a mixed hotel-office building with a
LEED Gold design, will boast more than 250,000 square feet of
office space with highly customizable units ranging from 720
square feet to more than 42,000 square feet. The project will
also consist of over 20,000 square feet of prime retail space,
suitable for restaurants and shopping. With direct access to
the TTC subway, the site should be attractive to purchaser’s
similarly to the other office condos in the Central North market
that have been highly demanded.
Yonge Park Plaza project will be a great addition to the area
that has strong demand by professional services firms for
quality office space. While the project has yet to be launched,
we expect strong demand from both end-users and investors,
locally and abroad.
THE OPPORTUNITY
CURRENT OFFICE NET LEASE RATE IN THE YORK MILLS AREA
IS APPROXIMATELY $20 PER SQUARE FOOT. THE MARKET FOR
AN OFFICE CONDO IN A HIGH QUALITY BUILDING IS AROUND
$700 PER SQUARE FOOT. WITH THE ASSUMPTIONS LISTED IN
THE TABLE ABOVE, THIS PROVIDES AN OPPORTUNITY FOR A
USER OR INVESTOR TO PURCHASE AN OFFICE CONDO UNIT
AT A LESSER COST THAN LEASING. SUPPORTED BY LOW
INTEREST RATES, THE OFFICE CONDO PROVIDES A SAVING OF
$3 PER SQUARE FOOT OVER LEASING, WHICH RESULTS IN A
$93,750 SAVINGS OVER A 10 YEAR PERIOD.
BURNABY CLASS A OFFICE CONDO OWNERSHIP VS. OFFICE LEASING
OWNING SCENARIO OFFICE LEASING SCENARIO OFFICE
TOTAL SQ.FT. 3,000 TOTAL SQ.FT. 3,000
PRICE PER SQ.FT. (INCL. PARKING) $ 550 LEASE TERM 10
PURCHASE PRICE $ 1,650,000 NET RENT PER SQ.FT. $ 30
DOWN PAYMENT (20%) $ 330,000
TENANT IMPROVEMENT $ 70,000 MONTHLY LEASE PAYMENT $ 7,500
MORTGAGE AMOUNT $ 1,390,000 ANNUAL LEASE COST $ 90,000
INTEREST RATE 3.00% RENTAL COST $ 30
MONTHLY MORTGAGE PAYMENT $ 6,592 ANNUAL SAVINGS ON OWNING (OVER 10 YEARS) $ 109,016
ANNUAL MORTGAGE COST $ 79,098 EQUITY GROWTH DURING OWNERSHIP (10 YEARS) $ 502,876
MORTGAGE COST PER SQ.FT. $ 26 EQUITY GROWTH DURING LEASE (10 YEARS)
Mortgage is based on a 3% interest rate, 25 year amortization and a 20% down payment. Actual mortgage payments will be dependent
on qualification of buyer OAC. Equity built assumes 3% annual appreciation. All information provided by this table is for information
purposes only and no reliance should be placed on this information for any possible legal purpose or any circumstance where loss or
damage could arise as a result of reliance on this information.

9. OFFICE CONDO / INSIGHT REPORT PAGE 17
THE ARRIVAL
OF NEW OFFICE
CONDO
BRINGS THE
OPPORTUNITY
FOR UNIQUE
OWNERSHIP
5.
THE COMMONALITIES BETWEEN GOLDEN HOUSE IN VANCOUVER AND YONGE PARK PLAZA IN TORONTO,
ARE THE FLEXIBILITY BETWEEN UNIT SIZES AND THE EMERGENCE OF HIGH QUALITY DESIGN FOR OFFICE
CONDOS. HISTORICALLY, OFFICE CONDOS WERE OF LOWER QUALITY, LOCATED OUTSIDE THE CITY CORE,
AND DESIGNED FOR A SPECIFIC TYPE OF TENANT OR INDUSTRY. NOW WITH INCREASED DEMAND FOR
OWNERSHIP, INVESTORS AND END-USERS CAN PURCHASE HIGH QUALITY OFFICE UNITS LOCATED IN
HIGHLY DESIRED NEIGHBOURHOODS. FOR INVESTORS, THE PRODUCT CAN OFFER A SOLID, CONSISTENT
CASH-FLOW AND AN OPPORTUNITY TO DIVERSIFY THEIR PORTFOLIO. WHILE FOR END-USERS, CURRENT
LOW INTEREST RATES CAN MAKE THE PRODUCT MORE AFFORDABLE THAN LEASING, AND THE STRONG
CAPITAL APPRECIATION CAN PROVIDE SOLID EQUITY GROWTH THAT WILL BE BENEFICIAL WHEN
CONSIDERING RETIREMENT AND SUCCESSION PLANNING.

10. Colliers International Market Intelligence
Uncommon Knowledge is the essential
ingredient in all services offered by Colliers
International Market Intelligence.
We take a forward-thinking approach to
market data and trends to create information
of value beyond everyday market analysis.
We frame this in a real-world context directly
applicable to business decisions to maximise
the relevance of our offerings.
For more commercial real estate market
information, please visit:
www.collierscanada.com/research
www.insights.colliers.com
COLLIERS INTERNATIONAL
1 Queen Street East, Suite 2200
Toronto, ON M5C 2Z2, Canada
T: +1 416 777 2200
F: +1 416 777 2277
www.collierscanada.com
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of
any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own
inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and
excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). © 2016. All rights reserved. This
communication is not intended to cause or induce breach of an existing listing agreement. Colliers Macaulay Nicolls (Ontario) Inc., Brokerage.