--- title: "Toronto vs Vancouver: Class A office comparison" description: "Side-by-side Class A office comparison for Toronto and Vancouver — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/toronto-vs-vancouver pageType: comparison lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Toronto ($58/sqft, 17.6% vacancy) and Vancouver ($38/sqft, 11.2% vacancy) compete on different axes: Toronto on rent and tax and Vancouver on talent depth. ## TL;DR - Class A rent: Toronto $58/sqft vs Vancouver $38/sqft. - Vacancy: Toronto 17.6% vs Vancouver 11.2%. - Talent index: Toronto 80 vs Vancouver 84. - Corporate tax: Toronto 26.5% vs Vancouver 27%. - Premium flex/seat/month: Toronto $920 vs Vancouver $720. # Toronto vs Vancouver: Class A office comparison **Toronto ($58/sqft, 17.6% vacancy) and Vancouver ($38/sqft, 11.2% vacancy) compete on different axes: Toronto on rent and tax and Vancouver on talent depth.** ## TL;DR - [Class A](/glossary/class-a) rent: Toronto $58/sqft vs Vancouver $38/sqft. - Vacancy: Toronto 17.6% vs Vancouver 11.2%. - Talent index: Toronto 80 vs Vancouver 84. - Corporate tax: Toronto 26.5% vs Vancouver 27%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Toronto $920 vs Vancouver $720. ## Market data side-by-side | Metric | Toronto | Vancouver| | Region | Americas | Americas| | Country | Canada | Canada| | Class A rent (USD/sqft/yr) | $58 | $38| | Class A rent (local) | 78 CAD | 52 CAD| | Vacancy | 17.6% | 11.2%| | Trend | flat | flat| | Prime yield | 5.5% | 5.2%| | Premium flex / seat / month (USD) | $920 | $720| | Submarkets covered | 6 | 5| | Corporate tax | 26.5% | 27%| ## Lease norms | Metric | Toronto | Vancouver| | Typical term | 10 yrs | 10 yrs| | Typical rent-free | 18 mos | 10 mos| | Lease norms | Net leases — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI). Rent-free of 12-24 months on a 10-year term is current market. Bank guarantees common for non-investment-grade covenants. | Net leases dominate (tenant pays opex, taxes, insurance separately). 10-year terms standard. Free rent of 8-12 months and TI of C$60-$110/sqft typical on a 10-year Class A deal.| | Tax note | Combined federal + Ontario corporate tax 26.5%. Toronto Municipal Land Transfer Tax applies on purchase, not on lease. | 15% federal plus 12% British Columbia general corporate income tax for a combined rate of 27%. Vancouver Empty Homes Tax does not apply to commercial; provincial Property Transfer Tax applies on acquisitions.| ## Talent | Metric | Toronto | Vancouver| | Talent index (0–100) | 80 | 84| | Talent note | Deepest financial-services and tech talent pool in Canada. Average all-in compensation indexes 80. | Deep tech, film and visual effects, mining, and real estate services talent. Strong feed from UBC, SFU, and the BCIT system. Cost-of-living premium versus Toronto and US Pacific Northwest is a meaningful tenant consideration.| ## Transit & commute **Toronto:** TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. **Vancouver:** TransLink SkyTrain (Expo, Millennium, Canada Lines) plus SeaBus to North Vancouver and West Coast Express commuter rail. Downtown is highly walkable and SkyTrain-served. ## Top submarkets — Toronto - [**Financial Core**](/cities/toronto/financial-core) — [trophy tier](/topics/trophy-asset-selection) · C$82/sqft/yr · ≈ $60.7 PSF/yr USD - [**South Core**](/cities/toronto/south-core) — trophy tier · C$56/sqft/yr · ≈ $41.4 PSF/yr USD - [**King East & Distillery**](/cities/toronto/king-east-distillery) — prime tier · C$55/sqft/yr · ≈ $40.7 PSF/yr USD ## Top submarkets — Vancouver - [**Coal Harbour**](/cities/vancouver/coal-harbour) — trophy tier · C$78/sqft/yr · ≈ $57.7 PSF/yr USD - [**Downtown CBD**](/cities/vancouver/downtown-cbd) — trophy tier · C$70/sqft/yr · ≈ $51.8 PSF/yr USD - [**Yaletown**](/cities/vancouver/yaletown) — prime tier · C$56/sqft/yr · ≈ $41.4 PSF/yr USD ## Decision criteria ### Pick by cost Vancouver is the cheaper Class A market on a USD basis. ### Pick by talent depth Vancouver has the deeper talent index (84/100 vs 80/100). ### Pick by tax Toronto has the lower headline corporate tax (26.5% vs 27%). Local incentives can change the effective rate materially. ### Pick by lease optionality Toronto typical term is 10 years with 18 months free; Vancouver runs 10 years with 10 months free. ### Pick by transit Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. Vancouver: TransLink SkyTrain (Expo, Millennium, Canada Lines) plus SeaBus to North Vancouver and West Coast Express commuter rail. Downtown is highly walkable and SkyTrain-served. ## Run a 4-city comparison Score Toronto, Vancouver and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD. [**Run a 4-city comparison →**](/tools/city-comparator) ## Frequently asked questions ****Is Class A office cheaper in Toronto or Vancouver?**** : Vancouver is cheaper on a USD basis: $38/sqft vs $58/sqft. ****Which has better talent depth, Toronto or Vancouver?**** : Vancouver indexes higher on talent depth (84 vs 80). ****Which has more sublease availability, Toronto or Vancouver?**** : Toronto carries higher vacancy (17.6% vs 11.2%) and therefore typically more [sublease](/topics/sublease-strategy)">sublease overhang. ****What lease term should I expect in Toronto vs Vancouver?**** : Toronto typical term is 10 years with 18 months rent-free; Vancouver typical term is 10 years with 10 months rent-free. ****How does transit and commuter access compare?**** : Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground. Vancouver: TransLink SkyTrain (Expo, Millennium, Canada Lines) plus SeaBus to North Vancouver and West Coast Express commuter rail. Downtown is highly walkable and SkyTrain-served. ## Editorial provenance Reviewed by [**Miriam Hollander**](/about/authors/miriam-hollander) — Lead market analyst. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) --- Citation: Source: Class A Atlas (https://classa.info/compare/toronto-vs-vancouver), updated 2026-04-15T00:00:00.000Z.