Toronto and New York are alike in several ways, even though the Big Apple has more than twice the population and has been around, as a city, 170 years longer. Condo sales in the Greater Toronto Area (GTA) and New York City, for example, both rose sharply in 2005 and 2006. The GTA condo market, however, differs surprisingly in one way -- it's the largest in North America. Lenders, developers, real estate brokers, buyers, sellers and industry analysts in Toronto and New York are frequently quoted in the media about the unfolding recession and its impact on the condo sector. Architects understand the interaction among all those parties as well, but their clients usually only seek their opinion about design and cost issues. For buyers who can and still do access credit, there are many choices. Some developers are converting unfinished condo buildings for which there are too few buyers into apartment rental buildings and even hotels.