Here's what the average Toronto home price will get you around the U.S.
Ever-inflating Greater Toronto Area home prices are now threatening to dethrone Vancouver as the country's most expensive housing market.
With an average regional selling price of $1,242,793, home ownership in Canada's economic heart seems less accessible by the month, and buyers are increasingly flocking to less competitive markets for the chance to buy property.
Many are moving to smaller cities and towns within Ontario, and others are seeking deals in Canadian markets out of the province. But with the average GTA home price exchanging to about $975K USD, there are some tempting offers south of the border for those willing to consider a life in the United States.
When Canadians do leave behind the maple leaf for the stars and stripes, cities like New York, Chicago, and Los Angeles are popular destinations, but we'll also look at some of the less sought-after housing markets in the states.
For just a shade above the GTA average price, you could live in a condo in Lower Manhattan — the historic National City Bank Building at 55 Wall Street, to be specific. The two-bedroom, one-bathroom measures in at 937 square feet, not bad for the financial heart of the U.S. in a building with a massive old bank vault in the basement.
Sure, you could find something similar at One King West in Toronto — vault and all — for about half the price, but this is New York we're talking about. You've got to pay up to live in the Big Apple.
If living amid skyscrapers sounds good, there's also a 1,317 square-foot one-bedroom, two-bathroom unit available in the glittering St. Regis Chicago.
You could buy into the 101-storey tower that opened its doors in 2020 for the pretty reasonable price of $974,233 USD, still a bit cheaper than the average GTA home when converted to Canadian dollars.
If you're more into palm trees and celebrity sightings, you could get yourself this 1,363 square-foot, three-bedroom, two-bathroom home in the Hollywood Hills for pretty much the exact average price of a Greater Toronto Area home.
The house isn't much to look at, but it's 1.5 kilometres from the famous Hollywood Bowl, less than three kilometres from the even more famous Hollywood sign, and just a quick hop south of Universal Studios.
Oh, and it isn't freezing cold for half the year.
If you want to call California home, but the smog and sprawl of L.A. is not your scene, San Francisco is another multicultural hub like Toronto, and they even have a heritage line running TTC streetcars! The city also shares another thing with Toronto; an overvalued housing market.
But you can still own a 1,050 square-foot, one-bedroom, two-bathroom unit in the swanky Ritz Carlton Residences of San Francisco for the cost of the average GTA home.
Let's say you want waaaay more bang for your buck, and don't mind living in a bleak, depopulated city best known for its high crime rate. Camden, New Jersey has got you covered, where you can get a six-bedroom, 2,576 square-foot home for $215K USD. At this price, you could probably buy up the whole block for the average cost of a Toronto home.
Sure, your surroundings may look a lot like a ghost town from Scooby-Doo, but it's just a quick commute across the Delaware River to the relative civilization of Philadelphia.
If you're looking for something a little closer to home, and a little less depressing than the mess shown above, Buffalo seems like a happy medium, where properties rarely top the $1 million mark, including a cluster priced just shy of $900K USD concentrated in that city's burgeoning waterfront area.
But who needs Buffalo when you could live in a gorgeous 1840-built building in New Orleans' French Quarter for just $835K USD. This 2,160 square-foot, three-bedroom, four-bathroom home seems too good to be true, and considering it's been on the market for over 600 days, maybe there's something locals know about the building that we don't.
Toronto, of course, boasts many advantages over all of these locales in opportunity and other departments. And unless you're already a dual-citizen, there will be a whole lot of paperwork involved.
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