apartments were popular in canada, particularly in urban centres like vancouver, toronto, ottawa, montreal, and hamilton in the 1950s to 1970s. by the 1980s, many multi-unit buildings were being constructed as condominiums instead of apartments—both are now very common. in toronto and vancouver, high-rise apartments and condominiums have been spread around the city, giving even the major suburbs a skyline. the robustness of the condo markets in toronto and vancouver are based on the lack of land availability. the average capitalization rate in the greater toronto area for q3 2015 hit its lowest level in 30 years: in q3 2015 it stood at 3.75 per cent, down from 4.2 per cent in q2 2015 and down almost 50 per cent from the 6.3 per cent posted in q3 2010.