If you think Canada is simply our sleepy neighbor to the north just take a look at Vancouver, where the market for luxury resort condominiums has taken on a price frenzy akin to the New York real estate market. Exhibit A: The Vancouver Sun reported that one buyer paid $18 million for a condominium that won’t be ready for move-in until 2011.

The Sun reported that a Portland, Ore.-based buyer purchased an $18 million, 7,400 square foot condominium at the Private Residences at Hotel Georgia in downtown Vancouver. The unit, one of 155 in the building, will have a rooftop deck and come fully furnished. The rub? It won’t be ready for another four years. The sale set a new high for condo price tags in the city, reports the Sun, noting that the penthouse topped the sale price that a buyer recently paid for a two-level 6,500 square foot condominium at the Fairmont Pacific Rim Vancouver, another new project. Shangri-La and Ritz-Carlton also have resort real estate developments in the works in Vancouver, and some condos in those projects have asking prices in excess of $10 million.

The heated Vancouver condo market, a stark contrast to some of the resort condo markets stateside, was also featured in the article, “A Canadian Condo Boom” in the New York Times Real Estate section last weekend. The Times reports that condo prices in Vancouver are up nearly 15 percent over last year and that the downtown area is the hottest real estate market in the country, with activity fueled by international second home buyers, including Americans. Of course, Americans seeking condos north of the border are seeing that their dollar doesn’t go as far as it once did. Last month the Canadian dollar hit an all time high against the greenback.

New to Condo Hotels?

Then see our Mini Guide to Condo Hotels

• Part 1: Condo Hotels Explained
• Part 2: Financial Analysis
• Part 3: Brands and Projects
• Part 4: Key Questions