The average price of a single-family home in Toronto hit $1.56 million in March, an all-time record that makes the city more expensive than Vancouver for the first time in years.
Toronto’s house prices are rising so rapidly that the market’s stature in the world changes on a monthly basis. The metro area’s median house price is now well above that of the New York metro area, though Manhattan remains considerably pricier than Toronto.
All the same, at today’s prices you could trade in a typical Toronto single-family home for some amazing properties around the world. Below are few of them.
But first, here’s what the average price will get you in Toronto.
This three-plus-one bedroom split level home in the Bathurst and Steeles area is as typical for Toronto as it gets, and it’s listed for $1.599 million. Now here’s what that kind of money will get you elsewhere.
A four-bedroom villa in Miami’s Coconut Grove
Located on a lush, narrow street that looks like a Caribbean jungle, this four-bedroom, three-bath house in ritzy Coconut Grove proves the average Toronto homeowner could live like a monarch in south Florida. The listing asks US$1.2 million (C$1.61 million).
A 6,000-sq. ft. McMansion in Chicago’s richest suburb
This seven-bedroom, seven-bath behemoth is located in Naperville, the U.S. Midwest’s richest municipality, about a 40-minute drive from downtown Chicago. For Toronto money, you can live like a Chicago one-percenter. The listing asks US$1.15 million (C$1.54 million).
A villa on the French Riviera
This five-bedroom, four-bath house in Provence comes with a separate caretaker’s home that includes three apartments, as well as a separate warehouse. But forget all that, look at the view. The listing asks 1.1 million euro (C$1.56 million).
A four-bedroom townhouse in London.
Jacksons Estate Agents
This terraced house, as it’s known in England, is located on an elegant street in the lively and ethnically diverse Brixton area of south London. Want to be north of the Thames? It’ll cost ya. But this place is within walking distance of two tube stations, so at 950,000 pounds (C$1.57 million), it’s nothing short of a London bargain.
A four-bedroom villa in Phuket, Thailand
This house is located in one of Asia’s top vacation destinations, has views of lush rolling hills and the ocean, and offers nearly 3,800 sq. ft. of living space. Not a bad trade-in for a retired Torontonian. The listing asks 45 million Thai baht (C$1.74 million).
A one-bedroom apartment in the heart of Paris
OK, so there are still places in the world where housing is more expensive than Toronto. Central Paris is one of them, and here the average Toronto house price will get you a one-bedroom apartment. Granted, this place is in a completely renovated 18th-century building next to the Place de Furstenberg. The listing asks one million euro (C$1.42 million).
A one-bedroom apartment on Central Park
Manhattan is another place that is still more expensive than Toronto (though the same cannot be said for New York as a whole anymore), but here the average Toronto house price will at least get you into a really good location. This apartment on Central Park South is steps from Columbus Circle and is walking distance to Times Square. The listing asks US$1.25 million (C$1.67 million).
A studio apartment in Hong Kong
Century 21 Global
The world’s least affordable housing market will not get you much for your Toronto dollars. For the equivalent of around C$1.5 million, you can get apartment in the 350 sq. ft. to 500 sq. ft. range. So yes, things could be worse than they are in Toronto. Let’s just hope Toronto’s housing bubble never reaches Hong Kong proportions.