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【Driving Series EP 05】Real Estate Prices - New York City vs Toronto

I know you miss the driving series, so today, I’m going to bring you all the way to New York City!

Actually, Tesla is a better car for long road trip.

It is going to tell me when to charge and where to charge.

I am going to follow exactly what it tells me to do.

Let’s see if Elon Musk did a good job.

Is it a hell or heaven experience?

OK, let’s go!

After 2 hours’ drive, we are now at Buffalo New York.

It took us about 5 minutes to cross the border.

And now, we are at the charging station for our 25 minutes charge.

I am now at the Glenmere Mansion, a resort an hour away from New York.

This is where New Yorkers come for a nice weekend getaway.

I am now at the New York Time Square.

But I want to show you the non-tourist side of Manhattan.

Let’s check out a 1 bedroom apartment in the heart of the midtown Manhattan.

How much do you think the rent is?

$6,000 Canadian Dollars.

People think Toronto downtown rent is high, very expensive.

Here, it’s 3 times more, totally another level.

In midtown Manhattan, things are very congested.

You see, space is very precious and most of the buildings are very old.

If you want to see newer buildings, we need to head to other neighbourhoods.

But before that, let me visit 2 touristy spots in Lower Manhattan.

Check out the real golden bull.

Ground Zero, where the World Trade Centre used to be.

Now it becomes the new Freedom Tower.

Let’s head over to Central Park.

If you want new skyscrapers like what we have in Toronto, you need to come here to the Billionaire Row, just south of the Central Park.

The Steinway Tower is the thinnest skyscraper in the world and has a gorgeous view of the entire Central Park.

It has 60 apartments in an 84 storey building.

Studios start from $10 million Canadian dollars!

That’s why this area is called the Billionaire Row.

Let’s come back to earth.

This is the Manhattan Bridge and behind it is the One Manhattan building.

On my right hand side, this is the Brooklyn Bridge.

And this is the Gehry in New York, right besides the Freedom Tower.

Let me share with you a revitalized area in Brooklyn.

It is called Dumbo, you can think of it as the Etobicoke in Toronto.

Things are quite new and modern.

And you can still find pre-construction opportunities here.

We’re going to check out some units in this building with a very small frontage.

It was completed in 2020.

There are still some brand new units you can buy from the developer.

This is a 1,600 square foot 3 bedroom unit.

It is a decent unit with some views.

Guess how much it is?

$4.35 million Canadian dollars.

And because this is a brand new unit from the developer, you also need to budget an extra 5 to 6% for closing costs, just like in Toronto.

In terms of rent, it is around $10,000 Canadian dollars per month.

How about a 2 bedroom unit with a compromised view?

$2.6 million Canadian dollars.

On average, the salaries in New York are roughly double that of Toronto.

But rents and property prices far exceed double of Toronto.

And of course, the millionaires and ultra wealthy population of New York are far above that of Toronto.

This concludes my New York trip.

Next, I will be heading over to Boston and Montreal.

Curious about those markets?

Make sure you subscribe and hit the bell so you won’t miss my next episode.

See you soon!


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