Toronto may look enough like New York to play it on TV sometimes, but these two bustling urban metropolises command far different prices in terms of property.
Zoocasa sales representative Doug Vukasovic recently looked at how the most expensive boroughs in both cities (Toronto proper and Manhattan, respectively) measure up in terms of their condo markets.
His findings, published by Yahoo Finance on Monday, show that condos in Manhattan, on average, are exponentially more pricey than those which can currently be purchased in Toronto — and Toronto's condo market is on fire.
There are some caveats, of course — one of them being size.
Vukasovic points out in his analysis that the average condo on Manhattan's posh Upper East Side is 3,868 square feet at a cost of $11,400,011. In Toronto's similarly (but much less) ritzy Yorkville, condominium apartments are just 890 square feet on average, and go for around $1,014,835.
Unit alone doesn't justify the more than $10 million price difference. Land size is also a key factor, with the borough of Toronto spanning 630 square kilometres against Manhattan's measly 59.1 square kilometres.
On average, across all parts of pre-amalgmation Toronto (read: everything but Etobicoke, Scarborough, York, East York or North York) in Q3 of 2019, the average one-bedroom condo cost $617,232.
Manhattan's average one-bedroom condo price during the same period of time? $1,148,827.
It may be getting nearly as expensive to rent in Toronto as it is to rent in New York, but we're a long way off from seeing the one-bedroom average surpass seven figures. One would hope so, at least.
by Lauren O'Neil via blogTO
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