Toronto has the most expensive property in Canada after Vancouver. The average home in Toronto costs $1,118,374 compared to Vancouver’s $1,270,664. Not only is Toronto the second most expensive city in Canada, but it is also one of the most expensive cities in the world to buy property.
Toronto has 158 neighbourhoods and not all of them command sky-high prices. There are still 29 neighbourhoods where the average home costs under a million dollars, most of the neighbourhoods place somewhere in the middle and then there are those where you need over 2 million dollars to get yourself a home.
What are those neighbourhoods and what are they like to live in? In this article, we have included information about the ten richest neighbourhoods in Toronto. But first, a little background about the city itself.
Key facts about Toronto
Toronto is the largest city in Canada and the fourth largest in North America. The population of Toronto is 2,731,571. However, the population of the Greater Toronto Area (GTA) is 6.4 million. 44.4% of Ontarians live within the GTA and almost 25% of all Canadians live within a 160 km radius of Toronto.
Toronto is one of the most diverse cities in the world, with almost half of its population having been born outside of Canada. There are about 200 languages spoken in Toronto, with 45% of the population stating their first language is other than English or French.
Toronto is a cultural hub with over 23,700 resident artists and the third biggest English theatre scene in the world after London and New York. It is the top Canadian city for screen-based movie production and 25% of Hollywood movies are actually filmed in Toronto.
Sport is big in Toronto, too. The city is the home of the NHL team Toronto Maple Leafs who have won the Stanley Cup 13 times. Besides ice hockey, Toronto also has an MLB team and an NBA team, the only city in Canada to have both.
It is also excellent for shopping and eating. The PATH is an underground shopping mall, the largest of its kind in North America and features over 1,200 stores. And for eating out, you will be spoilt for choice with approximately 8,100 restaurants and bars in the city.
The Rich Neighbourhoods List
All ten of Toronto’s richest neighbourhoods have average house prices of over two million dollars. In the top five neighbourhoods, the average is over three million and climbs up to over five million in the most expensive neighbourhood.
10. Forest Hill North
This neighbourhood is part of the Millionaire Mile. An average home here costs $2.464 million, yet the average household income is only $629,972. This raises the question: How could they afford property in the area?
The answer is that many residents have been around for decades when wealthy Jewish immigrants moved into the neighbourhood.
Forest Hill has good connections to Downtown Toronto despite being a private suburb. It is located north of Casa Loma, which is Canada’s only real castle. Some of the best schools in Toronto are in Forest Hill, including Bishop Strachan School and Upper Canada College.
9. Bedford Park-Nortown
Bedford Park-Nortown is an upscale community on the northern edge of Toronto. It is a family-friendly neighbourhood and close to other like-minded neighbourhoods, including Hogg’s Hollow, Ledbury Park and Wilson Heights.
Houses in this neighbourhood often feature decorative accents such as Juliet balconies, elaborate front porches with doric columns, large bay windows and wrought-iron railings. The gardens are professionally landscaped and maintained.
The neighbourhood has vibrant commercial streets such as Bathurst and Avenue, where you can find unique fashion and art boutiques and restaurants serving cuisines from around the world. The average house price in Bedford Park-Nortown is $2.525 million.
8. Lawrence Park
This is another neighbourhood that is part of the Millionaire Mile and is one of the first garden-planned suburbs in the city. Lawrence Park is not a newly rich area but has been wealthy at least since the last century. It is used to hosting an aristocratic population and many rich and famous still choose it as their home, including Roberta Bondar, Canada’s first female astronaut.
Lawrence Park is bordered by Yonge Street and Bayview Avenue which have plenty of restaurants and opportunities to shop. There are also some prestigious private schools in the area, which makes it popular with wealthy families. Because many people living in Lawrence Park are families who grew up in the area themselves, it can be difficult to break into the local property market.
The homes in the area are very attractive and well-built. They are also bigger than you might find in other areas of Toronto. The predominant styles are Georgian, Colonial, Tudor-revival and English country cottages. These houses come with an average price tag of $2.865 million.
7. The Annex
What makes the Annex so desirable are the walkable streets, great recreational activities and excellent shopping facilities. Many properties in the area date from 1880 to 1930 and the most common architectural styles include Victorian and Romanesque styles. The average home in the Annex costs $2.890 million.
In a city with 160 skyscrapers and 112 in construction, The Annex is remarkably free of them, which gives it a more small-town feel compared to many other Toronto neighbourhoods.
The heart of the area is Bloor Street where you will find a great selection of stores and boutiques by local creators. The Annex is close to The Royal Ontario Museum, Chinatown, Kensington Market and Koreatown.
6. Yonge-St. Clair
Located in Toronto’s Midtown, Yonge-St-Clair is a tranquil and charming residential area. The average home in the area, which is also known as Deer Park, costs $2.955 million. The homes here are a mix of detached and semi-detached family homes with architectural styles ranging from renovated Victorian homes to modern designs.
The neighbourhood has a vibrant atmosphere and is full of amenities. It is only ten minutes away from the financial centre of Toronto, which makes it a popular choice among those who work in the finance district but don’t wish to spend a long time commuting.
Yonge-St. Clair is also popular with families since highly ranked private schools, including De La Salle College and The York School, are in the area. The most popular and beautiful streets in the area are Balmoral, Farnham, and Walker Avenues.
5. St. Andrew-Windfields
St. Andrew-Windfields is another neighbourhood that is part of the Millionaire’s Mile. The area centres around Yonge Street and York Mills Road. The homes here are highly distinguishable, estate-style homes and the average home costs $3.126 million.
Being an older neighbourhood, St. Andrew-Windfields is well-established and safe. It has excellent schools which include eight public schools, four Catholic schools, and six private schools, which add to the area’s appeal to families.
It is a very green and residential neighbourhood, with any commercial activity concentrated at the intersections of major roads. The lack of commercial facilities makes the heart of the community more tranquil compared to many other neighbourhoods.
4. Casa Loma
This sought-after neighbourhood has an average house price of $3.565 million. It has wide appeal because of its prime location, stunning homes, excellent schools and expansive outdoor spaces.
There are some new luxury condo developments in Casa Loma, mainly around Davenport, Spadina, and Avenue Road, which are popular with younger buyers. However, most properties in Casa Loma are detached houses that come with spacious lots. The most common styles of these detached houses are English Cottage, Georgian, Tudor and Edwardian.
Casa Loma is a vibrant, multicultural community and popular with families and professionals who appreciate the area’s lush greenery, famous attractions and upscale amenities. Wells Hill Park is a popular local hiking and walking space and there are upmarket shopping facilities on Dupont Street.
3. Rosedale-Moore Park
Rosedale-Moore Park is also part of the Millionaire Mile. The part that is Rosedale was the former estate of William Botsford Jarvis and got its name from the wild roses that grew on the estate. It is one of the highest-priced and richest neighbourhoods in Toronto, with the average house costing $3.967 million. However, some properties are a lot more expensive than that, with some selling around the $10 million mark.
The neighbourhood is between Bloor Street and Yonge Street and is a short subway ride away from Toronto’s Downtown. Despite its proximity to the Downtown, Rosedale-Moore Park has many beautiful parks as well as reservation land to explore.
Rosedale-Moore Park is a family- and pet-friendly area with quiet, leafy residential streets. It is a short walk away from Yonge Street’s shopping facilities and the nearby area of Summerhill is great for cafes and restaurants.
2. Forest Hill South
People often talk about Forest Hill as one area. However, in a recent rearrangement, the municipality split it into two prestigious neighbourhoods, Forest Hill South and Forest Hill North with South the more prestigious of the two. In Forest Hill South, you can expect to pay an average of $4,457 million for a family home.
When Forest Hill South was created, the by-laws and building codes required all homes in the neighbourhood to be designed by an architect. They also required that a tree was to be planted at the front of each property. This legacy is still maintained and reinforced in the area.
The lifestyle in the area is very refined and many locals prefer to shop for gourmet foods at Loblaws or The Kitchen Table rather than supermarkets. Eglinton Avenue West has many independent boutiques and the Yorkdale Shopping Centre is also nearby. There are also plenty of recreational opportunities, including the Kay Gardner Beltline Trail. Today it is a 14.5 km long nature and fitness trail, but it was originally the track for Toronto’s first commuter train.
1. Bridle Path-Sunnybrook-York Mills
Bridle Path-Sunnybrook-York Mills boasts some of the most luxurious mansions in Toronto and the whole of Canada. It is three separate areas that come together as Bridle Path-Sunnybrook-York Mills. The average home in the area costs $5,104 million. However, some houses have sold for over $20 million and more. The most expensive house sold in Toronto was in Bridle Path and cost $45 million.
The area is a mixture of old and new money and is enclosed by several parks and green areas. This offers it more privacy, which makes it appealing to the wealthy and the famous. Properties in Bridle Path-Sunnybrook-York Mills are highly sought after and on average only spend around fifteen days on the market.
Residents of Bridle Path-Sunnybrook-York Mills certainly live the lifestyle of the rich and famous, with exclusive invitations to gourmet dining events, golf tournaments and gatherings at the Granite Club. Most children in the area attend private schools such as the Crescent School.
Conclusion
So there you have the ten richest neighbourhoods in Toronto. Needless to say, if you can afford to live in any of them, you can expect a high standard of living, great shopping facilities, the best schools and a choice of recreational activities.
If you don’t quite have the budget for one of the rich neighbourhoods in Toronto, you can always visit and still take advantage of the specialist boutiques, gourmet food shops and fancy restaurants in the neighbourhoods.
For anyone looking to get on the Toronto property ladder, there are still those neighbourhoods where the average price is less than $1 million. And you never know, with the prices still rising, you could find yourself living in an up-and-coming rich neighbourhood.
