Could Toronto Be The Next New York City?

I stole this from a line in the NY Daily News:

“Toronto is often called New York North, Canada’s answer to the Big Apple — a glitzy, fast-paced, world-class city that pulses 24-7.”

Cool your pants sovereign New-York-lovers. They said it. Not me. Because I LOVE New York. Although I will say —- whereas Toronto was nothing like NYC 10 years ago, I would definitely liken the cities quite a bit now. New York is clearly the more famous with its well-known history and touristy flair. They’ve got a subway system that we can’t even compare ours to, a pulse that we aspire towards but don’t yet have, and an enormous world influence. Everybody on the planet knows where and what New York City is. But Toronto is “catching up.” The best restaurants are putting their stakes in our city now, our sports teams are great (well, one could argue this depending on the day), and financial speaking by the World’s Economic Forum, we are one of the soundest on the planet. And it certainly doesn’t stop there!! Read my 25 Reasons to really love living in Toronto HERE. 

ATTITUDE

We both definitely have the attitude. From horn-tooting cabbies to restaurant staff who text you when your table is ready, to concept restaurants, and to unbearable downtown traffic. We are both as multicultural as it gets, we jaywalk like it’s nobody’s business, our cities are the home to our great country’s dominant financial headquarters, our weather delivers four distinct seasons (one of them cold AF and one of them hot AF), and we both have very famous tall monuments.  We both have a huge city park, are bordered by a great body of water to the south, boast huge TV screens in our downtown city squares, watch over a hundred thousand people cross an intersection in a day, and it’s totally normal to not need a car. If you’re travelled outside of Toronto to major North American cities, you’ll recognize something else that Toronto and New York has in common. We live and play downtown.

The Aussies See It

Check out this read from Traveller Magazine: “Seven Reasons Why Toronto Is The Next New York City.” 

$$$

Yet here’s something to think about. Toronto’s cheaper. Like, a LOT cheaper. Using the data from Expatarian, a website comparing the cost of international living between one city and another, we are apparently quite a bit less expensive. 28% according to their data. The average cost of rent on a 1 bedroom condo in Toronto right now is $2020/month. On a 2 bedroom condo it is $2520/month. It’s not pretty but it’s still a whole lot cheaper than New York’s present averages of $2843/month for a 1 bedroom and $3600/month for a 2 bed.

Here’s another interesting real estate stat –

Did you know that last year – 2017 – we “crushed” New York City’s residential real estate market in sales? They rounded out their year with what they refer to as a record $50 billion in sales transactions. Do you know how much Toronto traded last year? A cool 95 billion. 

Confidence and Swagger

Does that tell you something? It does to me. It means there’s confidence in Toronto, both in the real estate market and in it’s future. Toronto IS the next New York City. IMO of course.

If my predictions are right and Toronto is trending in the direction of New York coolness, one might get smart and start scooping up property here. I don’t mean property in the burbs. If our city is trending like New York, where people live downtown and are willing to pay a premium for the lifestyle that comes with, would it not be smart to invest in Toronto condos? Clearly IMO. You’ve heard me say it before. BUY, BUY, BUY.  Buy, hold, and don’t sell. That is of course, if you want the sweet downtown life without the $4000/month rental price tag. OR you want to be the landlord to a $3000/month one-bedroom and see a positive monthly cash flow.

Here’s something to leave you with:

HUFFINGTON POST: “9 Reasons To Leave New York For Toronto”