Ever-rising real estate prices in the greater Toronto area are now threatening to dethrone Vancouver as the country’s most expensive real estate market.
With an average regional selling price of $1,242,793, home ownership in Canada’s economic hub appears to be becoming less accessible month by month, and buyers are increasingly flocking to less competitive markets for a chance at a property purchase.
Many are moving to smaller towns within Ontario, while others are seeking business in Canadian markets outside of the province. But with an average GTA home price of around $975,000, there are some enticing deals south of the border for those willing to consider living in the United States.
As Canadians climb past 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 desirable housing markets in the States.
NYC
For just a touch above the GTA average price, you could live in a condo in Lower Manhattan — specifically, the historic National City Bank building at 55 Wall Street. The two bedroom, one bathroom measures 937 square feet, not bad for the financial heart of the city USA in a building with a massive old bank vault in the basement.
Sure, you could find something similar at One King West in Toronto — safe and all — for about half the price, but we’re talking New York here. You have to pay to live in the Big Apple.
55 Wall Street, No. 610 in Manhattan. Photo via Zillow.com.
Chicago
If living amid skyscrapers sounds good, there’s also a 1,317-square-foot one-bedroom, two-bathroom unit at the glittering St. Regis Chicago.
You could shop into the 101-story tower, which opened its doors in 2020, for the fairly reasonable price of $974,233, which is still slightly cheaper than the average GTA home when converted to Canadian dollars.
St. Regis Chicago where multiple units are available. Photo via Zillow.com.
The angel
If palm trees and celebrities are more your thing, you could snag this 1,363-square-foot, three-bedroom, two-bathroom home in the Hollywood Hills for pretty much the average price of a home in the greater Toronto area.
The house isn’t much of a sight, but it’s a mile from the famous Hollywood Bowl, less than two miles from the even more famous Hollywood sign, and just a short hop south of Universal Studios.
Oh, and it’s not freezing half the year.
7240 Sunnydip Trail in Los Angeles. Photo via Google Street View.
san francisco
If you want to call California home but the smog and sprawl of LA isn’t your scene, San Francisco is another multicultural hub like Toronto, and they even have a heritage line of TTC streetcars! The city shares something else with Toronto; an overvalued housing market.
But you can still own a 1,050-square-foot, one-bedroom, two-bathroom unit in San Francisco’s chic Ritz Carlton Residences for the cost of your average GTA home.
Unit 1605 in the Ritz Carlton Residences of San Francisco. Photo via Zillow.com.
Camden, NJ
Let’s say you want a lot more bang for your buck and don’t mind living in a dreary, deserted city best known for its high crime rate. Camden, New Jersey has got you covered on where to get a 2,576-square-foot, six-bedroom home for $215,000. At that price, you could probably buy the whole block for the average cost of a Toronto home.
Sure, your surroundings might look like a Scooby-Doo ghost town, but it’s only a short ride across the Delaware River to the relative civilization of Philadelphia.
546 Walnut Street in Camden, New Jersey. Photo via Zillow.com.
buffalo
If you’re looking for something a little closer to home and a little less depressing than the clutter shown above, Buffalo seems like a golden medium where real estate rarely exceeds the $1 million mark, including a cluster with one Priced at just under $900,000, it focuses on this city’s burgeoning waterfront.
Along the Buffalo waterfront, several units are available for a fair bit cheaper than the Toronto-area average. Render via Zillow.com.
New Orleans
But who needs Buffalo when you can live in a grand 1840’s building in New Orleans’ French Quarter for just $835,000. 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, locals might know something about the building that we don’t.
1015 Saint Louis Street in New Orleans. Photo via Zillow.com.
Of course, Toronto has many advantages over all these places in Opportunity and other departments. And unless you’re already a dual citizen, there’s going to be a lot of paperwork.