Vienna and Toronto look like two opposite vectors of history. Ancient houses, cathedrals with sharp spires, and neat patterns of tiles reflect bygone eras, while glass surfaces, shimmering lights, and futuristic forms transport us several decades ahead. These two cities are like two sides of the same coin. But do they really differ in terms of the real estate market? Let's analyze the prices to find out!
Viennese waltz, coffee, and apartment
Beautiful Vienna is home to over 25% of the country's population. And it's not surprising - just one visit to the capital is enough to fall in love with its lively streets, filled with masterpieces and tourists, as well as incredibly beautiful cathedrals. The most German-speaking city outside of Germany and one of the largest in terms of area in the European Union will gladly welcome you.
Renting a one-room apartment in the center is easily affordable for any Austrian with at least a moderate income, and even more so on the outskirts.
- In the heart of the city, the rent will cost $1,185 per month.
- In more remote and quiet areas, expect to pay $797 per month.
The family option with three rooms costs significantly more, but is still quite affordable for the typical resident of the capital:
- The objects in the center are priced at $2,046 per month.
- On the neighboring streets, more pleasant price tags appear - $1,400/month.
Buying even the most modest one-bedroom apartment is not a cheap pleasure. The minimum cost per square meter is $5,383. In the city center, the price is even higher - $8,724 per square meter. With a salary of $3,050, the whole family will have to save for housing for many years. It is good, at least, that the mortgage interest rate for 20 years is only 3.02%. Yield also quite low - 2.7%. But, unlike a mortgage, such a low return on investment can only disappoint.
One of the best cities to live in
Yes, it is Toronto that made it into the top ten cities with the highest quality of life. But for us, it doesn't make much of a difference. Canada is closed to foreigners at least for those who want to buy real estate. But this is not a reason to forget about Toronto and its beauties. You will have enough time to take a closer look at it and find yourself a place to live. Starting January 1, 2027, you will be able to buy it.
The contrast with Vienna is obvious. And it's even noticeable in the rental prices of the most modest one-bedroom apartments
- You will not find housing cheaper than $1,850 per month in the center.
- In other parts of Toronto, you can find options for $1,600 per month.
Do you remember the prices for three-bedroom apartments in Vienna? Well, now they will seem quite good to you because in Toronto such apartments cost a good thousand dollars more.
- Option in the center will cost $3,220 per month.
- In neighboring districts - $2,600/month.
Buying is still scarier and the difference is not just one, but a whole two thousand dollars. On average, you can buy a one-bedroom apartment for $7,900 per square meter, and in the center for all $10,079 per square meter. The ratio of cost to salary again leaves much to be desired. The average resident of Toronto earns about $3,464 a month after taxes, of course. If you thought that a mortgage would help solve the housing issue, don't get your hopes up too much, because its rate is a bit steep - 6.56%. At the same time, the yield is not very high, but not the lowest either - 3.92%, which equals 25.5 years.