Yes, Toronto is expensive. We know this, but how does it compare with other parts of the world. The results may surprise you. I’ve maintained that Toronto is not all that expensive in comparison with other world class cities (and yes, Toronto is definitely a world class city).

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.

-Via huffingtonpost.ca

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