Yes, though, considerably cheaper than NYC.
But that's not the comparison one wants to make.
****
I would argue the single leading reason for inflated costs is the P3 model in which the proponent does the borrowing, the difference in interest rates between a public borrower and a private one are significant and
add vastly to project costs.
The size of contracts in the P3 model are also a problem, in that very few bidders tend to emerge because of the risk-factor in such large contracts. This lack of competition, along with a risk premium in the pricing drives up costs.
In respect of the particulars of construction, if land were cheaper (as it once was) I would agree that surface building would make a good deal of sense and be cheaper. Where land may still be low cost, that remains worth exploring. But when it comes to construction itself, aside from serious project-management issues at Metrolinx and the TTC both...........I would argue that the propensity for ultra-deep, bored tunnels is a huge cost driver.
Shallower, cut and cover directly under major roads (or adjacent to them, as was done with Line 2) would be cheaper. But its also politically challenging due to the adverse impacts for those who live, work or own businesses on any section of street subject to that. Its quite disruptive.
But it would certainly be worth looking at anyway.
One could certainly consider the Vancouver model on completely new builds, as is being done for some portions of Eglinton West. However, its important to consider than Vancouver tends to build lower capacity lines than does Toronto, and
how the Vancouver model works if a station in particular ends up with much larger footprint.
Its worth observing at this juncture than the above-grade proposal in downtown Montreal was killed over strong opposition from a wide swath of interests.