Toronto is not New York.
Toronto is a nice city, but it is far from being a global financial, art, education and entertainment hub. So justifying Toronto housing prices by comparing against New York prices is like comparing oranges to the Big Apple. (See what I did there?)
Moreover, in terms of AFFORDABILITY, Toronto has already become more expensive than New York!
The chart below from Huffpo compares the median house price to the median income for both cities. The higher the line, the less affordable the city.