Ignoring the question of which one is currently a better place to live (since more expensive stores and restaurants do not constitute "downtown"), it's extremely hard to argue that North York Centre doesn't have far more potential to become Toronto's second downtown...that is its intended purpose, after all. Yonge & Eglinton is a fully finished neighbourhood but Yonge & Sheppard is still composed largely of parking lots. Yonge & Sheppard is far from ideal and has problems that are not easily fixable without a Haussmannesque revolution, but the fact that a finished, mature area compares well with a much newer and substantially less established area speaks volumes about where each could be in 10, 20, or 50 years. Who knows, though, perhaps additional blocks near Yonge & Eglinton will be allowed to redevelop: having towers radiate out in every direction is a clear advantage over North York Centre's oppressively linear layout (a Potemkin veneer of downtown pasted onto suburbia)...also, no cross streets - including Sheppard and Finch - really have anything on them, but Yonge & Eglinton has both Yonge and Eglinton.