You're considering real estate in Chicago. However, if you're relocating and you have a number of options in terms of where you can find suitable employment, you may be wondering if you would like Toronto beach homes or a New York condominium better than the houses you're looking at in Chicago. While we can't account for your taste (everyone is different) we can provide a practical standpoint for comparison between the cities of Toronto and Chicago. What follows is a comparison of real estate prices and styles for 2009-2010, each listed in the home country's currency (which is nearly equal at this point).

Overall Price

According to the Canadian Real Estate Association, the average year to date (for 2010) price for a home in Toronto, Ontario is $431,496, with over 108,000 units expected to be sold by dealers of real estate in downtown Toronto and surrounding boroughs. This is significantly higher than the provincial average for Ontario, which sits at $347,442, which is in turn greater than the Canadian average of $341,259. By contrast, Chicago's average listing price is about $424,000 while the average asking price for the state of Illinois is much lower, at only $92,800. This is only a few thousand dollars greater than the national average, which sits at $89,600.

Trends

The effects of the sub-prime mortgage crisis and recession have been felt in both cities. Though not a full depression, Toronto and Chicago both experienced significant price drops and are in the process of recovery. Chicago's average price per square foot went up a modest .8% in the last year while the median (or middling) sale price actually dropped by 6.2%. Meanwhile Toronto's average price has risen more than 19% just since January of the current year. While on the surface this looks positive, experts fear that it is a bubble that will surely burst.

Neighborhood Variations

In Chicago, the most popular neighborhoods can vary quite widely in price. For instance, homes in the DePaul neighborhood list for an average of $863,000 while the more up-and-coming Riverdale offers buyers the chance to own for only $51,000. The same contrast can be seen in Toronto. Downtown Toronto homes, even small ones, cost upwards of $700,000 while homes in suburban neighborhoods like Burlington can be had for about $300,000.

Architectural Styles

The look and feel of houses in Chicago and Toronto are very different. Though both contain newer neighborhoods and a sizeable quantity of mansions, Chicago is best known for its connection to the flat, clean lines of the Prairie Style of architecture made popular by Frank Lloyd Wright. Meanwhile Toronto's more popular home styles, Victorian and Edwardian, are characterized by peaked doors and windows. Toronto is decidedly English in its architectural leanings while Chicago is more American.