A cursory look at condo prices on any website* shows that most condos are well below $1M CAD. A 1 bedroom can be had in the downtown core for 600-700k, and significantly lower if you don’t mind commuting from Scarborough or Etobicoke.

Also, interest rates are 1% lower in Canada (albeit on shorter terms), and property taxes are roughly half.

This isn’t to say that homes are “cheap”, but there’s more to the story.

(Aside, I have lived in both cities for a considerable number of years.)

https://www.zolo.ca/toronto-real-estate/sold