Are you deciding what to attend for your undergraduate studies? If so, the two universities both have their strengths. Toronto has a fairly rigorous undergraduate curriculum, whereas with NYU you have access to the finance industry in NYC. Toronto is cheaper though, so that might be a good reason to choose it.
If you're choosing a PhD program, I see no reason to care about the undergraduate ranking. NYU should dominate Toronto for a PhD economics. They don't have official placement on their websites, but according to untitled's data NYU ranks #9 in flyouts. Toronto, even in its best year (2011), is probably a little worse than that.