Discover Five of Tthe Richest Neighborhoods in Toronto
Based on previous stats by Canada Business and Statistics Canada, a wealthy neighborhood in Toronto is typically one in which the house prices, average annual household income, and household net worth run into millions of US dollars.
Oddities do exist though. Case in point is The Bridle Path, a wealthy neighborhood in Toronto where the average household net worth and average house price are listed as $22.27 million and $2.4 million respectively, but the average household annual household income is a mere $936,434 (Canadian Business, 2014).
Nevertheless, luxurious mansions, long winding streets, pristine parks, high-end fashion stores like Gucci, Louis Vuitton, and Prada, are just but a few of things that characterize the richest neighborhoods in Toronto.
If you would like to get yourself one of these premier real estates or are just curious to know where Toronto’s wealthiest folks live, here’s where you should look.
York Mills is a pricey neighborhood in the district of North York that centers around York Mills Road and Yonge Street. Once a capital for grist and saw mills, this area is now home to high-end homes and luxury condos.
Hoggs Hollow and St Andrew–Windfields, both affluent neighborhoods, are part of York Mills. St Andrews–Windfields spans the southeast area of York Mills, while Hoggs sits eastwards of Yonge Street and York Mills road.
An estimated 50% of the homes in York Mills are semi-detached houses. Most of them have been renovated and customized to luxurious tastes. The majority of the rest are high-end apartments.
Over the years, property prices in York and other most expensive neighborhoods in Toronto have been climbing up gradually, fueled largely by local demand.
Rosedale sits on the northern side of Toronto and takes pride in being among the few oldest and richest neighborhoods in Toronto. Opulent mansions where Canada’s wealthiest people, like the late Ken Thompson, lived, dot its narrow tree-packed streets. The area is also known to house politicians, film stars, lawyers, doctors, hockey players, and producers just to name but a few.
The trees, together with the foliage secludes Rosedale from the sounds of vehicular traffic, make the area an ideal place for those who fancy tranquility. Other things that make this area special include its beautiful parks, the surrounding serene parklands and ravines, good schools, and proximity to Toronto’s business and commercial districts.
A reasonable number of homes in Rosedale were constructed between the late 80s and early 90s. That explains why it’s easy to spot conventional building styles like Victorian, neo-Georgian, Edwardian Classical, and Stockbroker’s Tudor.
Whereas the residential properties in North Rosedale are mainly those from the past, in South Rosedale, you’ll find plenty of luxurious apartments and condominiums. What makes them even though is that they all go for millions of US dollars.
The Bridle Path
North York-based Bridle Path neighborhood is known to pack some of the most expensive and huge mansions in Toronto and also individuals with the highest household net worth in Canada. Just less than a year ago, Toronto’s most expensive home, a $35 mansion in Bridle Path, was put up for sale.
“Millionaires row” as it’s popularly called, has been and continues to be home to celebrities, prominent business people, doctors, and other high profile people. Several locations in the area have also been used in popular movies.
Lush parklands and a river surround this area. It’s also known to have very few roads passing it, a fact that contributes to its exclusivity.
House prices in this neighborhood are varied. However, most of the houses go for well over a million US dollars.
Sunnybrook is yet another North York-based wealthy neighborhood stretching from King’s Highway 401 in the North all the way to Eglinton Avenue East in the south. Its proximity to highway 401 and the Don Valley Parkway on its eastern boundary allow easy and quick access to the city’s huge transport network.
On the southern end, the population is mainly those over 65 while the northern end comprises young people aged between 15 and 24. Sunnybrook has been home to the wealthy elite, including Joseph Kilgour, a wealthy horseman, and farmer who also headed Canada Paper Company Ltd. Thanks to his generosity, the Sunnybrook Park is now available for visitors to enjoy. Here, children can take riding lessons going for about $150 per session.
Other things that make the neighborhood special include the ever busy Aga Khan Museum, the palatial Donalda Golf and Country Club, and the Cummer Park Fitness Centre, which is one of Toronto’s largest recreational facilities, shopping malls, and restaurants at Don Mills.
House prices in Sunnybrook average at about $2.29 million.
Lawrence Park is bordered by landmark avenues and parks. On the west is Yonge Street, while Bayview Avenue marks the east side. Lawrence Avenue edges the north, while Blythwood Ravine rings the south side.
Back in 2011, Lawrence was ranked as Canada’s richest postal code. Since it’s a competitive spot, other neighborhoods have since reclaimed the position but that doesn’t imply that Lawrence Park is off the map. Today, the average house price is about $2.81 million.
The majority of the homes here were built between early to mid-90s. In recent years, a number of them have been rebuilt and renovated to enhance their structural beauty and to adapt to modern trends.
Walking through the once richest area in Toronto today, you’ll see a mixture of old and new dwellings some reflecting unique architectural styles such as English cottage, Georgian, Tudor Revival, among many others.
Prominent people who’ve once lived in this neighborhood include former Toronto Blue Jays President Paul McGill Beeston and John Troy, the mayoral hopeful.
Other most affluent neighborhoods in Toronto that you may want to check out include:
- Forest Hill South-UCC
- Moore Park
- Deer Park
Toronto’s real estate industry and rising individual income continue to reshape neighborhoods. For now, York Mills, Rosedale, the Bridle Path, Sunnybrook, Lawrence Park, and the rest of the neighborhoods we’ve just listed hold the top spot as the top real estate spots where the city’s affluent homeowners live. But as it has always been in the past, new developments, including apartments, condos, and mansions will continue to come up and, in the near future, new neighborhoods might join this list. So, be on the lookout for that.
Images attribution: Wikipedia.org