Douglas Todd: Condominiums now make up 30 per cent of homes across Metro Vancouver, the highest proportion in North America. Hundreds of millions more have been recently built in Japan, China and other nations. Get the latest from Douglas Todd straight to your inbox Published Nov 15, 2024 • Last updated 2 hours ago • 5 minute read Mikal Mityok stands outside Balsam House, Vancouver’s original condo complex. It was built in the quiet Kerrisdale neighbourhood in 1970. Photo by Douglas Todd The city of Vancouver’s first condominium complex is a modest, pleasant-looking six-storey building. Built in 1970 at 5350 Balsam, it continues to provide 24 units on a quiet, leafy street in the Kerrisdale neighbourhood. You could say it’s a historic site. Balsam House, as it’s known, marks the dawn of Vancouver’s remarkable condo revolution, which has gone on to change the face of many of the world’s major cities. 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Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content Balsam House is the prototype for a strata property scheme that now governs 33 per cent of all housing units in the city of Vancouver, as well 30 per cent of those across Metro Vancouver. That’s the highest ratio of any North American urban region, making Vancouver the poster city for condos. Vancouver-style condo mania is global. The world’s highest building, the 828-metre Burj Khallifa in Dubai, United Arab Emirates, is in large part a residential condominium complex. And no longer is New York City characterized mostly by commercial office towers like the Empire State Building. The megalopolis’s most notable landmarks are now pencil-thin glass condominium skyscrapers on so-called Billionaires Row, such as the Steinway Tower and 98-storey Central Park Tower. The condominium model, also known as strata ownership, has provided the basis for the swelling of Vancouver, Toronto and many other cities since the Second World War, according to Douglas Harris, a University of B.C. property law professor who cheerfully acknowledges he has a fixation with the phenomenon. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content Article content It’s “one of the defining institutions of our time,” said Harris, who describes the condominium structure as technically “a form of land ownership that combines private ownership of an individual unit in a multi-unit building with a share of the common property… and a right to participate in collective governance.” Harris persuasively argues the novel legal structure has changed the face of home ownership. “The numbers are staggering.” Among other things, “condofication” has inaugurated a global shift to much more dense urban living, he says, which has greatly inflated land prices. Condominiums, Harris says, have also generated a “massive” transnational movement of wealth and people into cities, inaugurated a heightened level of real estate capitalism and, in effect, created a new form of private governance. The sun sets on Central Park Tower and the Steinway Tower on Billionaires’ Row in New York City, making these residential condominium projects more notable landmarks than the city’s commercial office towers, like The Empire State Building. Photo by Gary Hershorn /Getty Images Michael Mityok, interviewed as he emerged from his 800-square-foot condominium unit in Vancouver Balsam House, was largely unaware of the historical importance of the place he has lived for seven years. Mityok simply expressed contentment with his condo complex, with its mature strata council members and sound-muffling concrete construction. “It was actually built properly,” he says, unlike many that followed, resulting in — among other things — the city’s notorious leaky condo crisis. Article content Mityok also enjoys his ethnically mixed Kerrisdale neighbourhood, in which nearby condo projects built decades ago, in contrast to those constructed today, come with expansive gardens. He estimates the two-bedroom unit he bought for $700,000 is now worth just under $800,000. That price tag is nothing compared to the many glamorous newer