Why not ask someone who lives in Toronto, like me?
I grew up here!
Toronto is easily the most populous city in Canada. As for similarities to New York, I would have no idea as I've never been to NY. However, I'm fairly certain that real estate and rental properties are a lot cheaper here (although still on the expensive side, especially downtown). Arts and culture here is just as lively as it is in NYC, in fact there are a lot of musicals and plays on Broadway that were shown in Toronto first. The Toronto Film Festival happens every September, so big name celebrities come to the city to promote their new films. But then of course, there are the downsides like crime and bad neighbourhoods and such, but I think the good outweighs the bad here.
Oh, there is also a stronger economy and a stronger real estate market in Canada. Also, free health care for all!
One thing I don't like is that the rest of Canada has this idea that people from Toronto think they are the from the "absolute best city in the country", or that we think we're better than the rest of them. That's totally not the case, generally speaking. Half those people have probably never actually been here, so I don't understand the logic behind their opinions of Toronto.