The real estate market in Toronto neighbourhoods can be very competitive. Some Toronto neighbourhoods boast some of the most expensive real estate in Canada, with homes often selling in the millions of dollars.
Keep reading for details on the most expensive neighbourhoods in Toronto, as well as information on the types of families that live in Toronto’s most affluent areas.
Average Household Income in Toronto
The average household income in Toronto is $78,373, which is required in a city with a high cost of living. According to experts, the typical Torontonian needs to earn at least $22.08 per hour in order to comfortably live in the city. However, living in some of the more wealthy areas often requires much more income.
Most Affluent Neighbourhoods in Toronto
Yonge-St. Clair, formerly called Deer Park, is a quiet and charming neighbourhood within the Midtown of Toronto. Yonge-St. Clair house prices generally start at about $500,000 and the average price is a bit less than $4 million.
Condo lifestyles are very much sought after in this area. Senior and professional buyers are especially interested in the condo-style properties, with an average listing price of $3,388,000. The neighbourhood has several detached and semi-detached homes of various architectural styles — from restored nineteenth-century Victorian residences to contemporary dwellings like condos and townhomes.
Oakville consists of Toronto suburbs with magnificent harbour views of Lake Ontario. Thousands of tourists come to Oakville each year from around the world to enjoy world-renowned restaurants, boutique shopping centers, and many outdoor recreations such as fishing, boating, bird watching, and cycling.
Oakville is home to several health centers and galleries. The neighborhood contains many good private school facilities. Oakville’s waterfront homes have the greatest views over the GTA. The neighborhood is surrounded by high-quality educational facilities, and the center of Oakville was known for its art and culture scene.
Summerhill is a smaller neighborhood near Roseville between St. Clair Avenue and Yonge Street. The area includes the same land that has been developed since 1842. The most popular feature in Summerhill was the North Toronto train station which opened in the 1880s. Summerhill gained a large amount of popularity after its development near the station.
The station still stands and has now been converted to LCBO stores and other retail outlets. Plans for possibly turning it into a functioning subway station with GO Transit have reportedly been thrown around, which would boost Summer Hill property values.
The Bridle Path or Billionaire’s Road is certainly a popular neighbourhood of Toronto. The wealthy neighborhood is packed with spectacular parks and stunning multimillion-dollar mansions situated around the Don River Valley. Some of these spectacular homes are located on 6 acres of grounds which are equipped with modern security equipment.
The Bridle Path is well equipped to provide quality medical care and excellent public and private schools on Bayview Avenue, as well as a variety of luxury shopping centers. Bridlepath residents can also get in touch with nature by strolling around The beautiful grounds of Edwards Gardens.
Rosedale is a beautiful area dotted with trees and sightly architecture near the centre of Toronto. Rosedale is an attractive neighborhood due to its stunning historical character. There are more isolated streets and twisting streets that provide privacy for its residents than many other burroughs of the bustling city.
In Rosedale, there is an impressive mix of historic buildings and new-style modern apartment complexes located between parks bursting with natural beauty. Among these parks are Moore Park, Val d’Avoca Park Drive, and Rosedale Valley ravines. It has a long history of being a trendy neighbourhood in Toronto.
Forest Hill (South)
Forest Hill has become a popular Toronto neighbourhood in recent years. The area offers luxurious homes with beautifully laid lawns. It is also home to UCC, which has a reputation among Canadians for being one of the best privately-run schools in Canada.
The Forest Hill population also includes many notable celebrities, doctors, entrepreneurs, and lawyers. Many of the homes were built in the 1930s and 40s and feature trees planted at their facades located on quiet roads. On westbound Spadina Road. Several luxurious condo buildings are also located nearby.
Lytton Park is located in Toronto’s old town boundaries now known as Old Toronto. The area borders Mona Drive, Yonge Street, and Lawrence Avenue. The median selling price for homes in Lytton Park is around $764,900, and the majority of homes sell for over $2 million. Lytton Park consists of semi-detached houses, condominiums, and apartment buildings common in Toronto. It is a most affluent neighbourhood, making it popular among families with high incomes.
The majority of the homes in Lytton Park are in the Georgian and Tudor styles. Many of these homes were constructed between 1890 and 1930. The homes at Lytton Park are built on wide lots with beautifully landscaped lawns.
Hoggs Hollow is situated near the Don River Valley just minutes from downtown Toronto and the city center. This peaceful village offers sweeping crescent streets surrounded by pine, fir, birch, and spruce trees. The Don River Bridge crosses Hogg’s Hollow as a series of 4 distinct highway bridges.
The development of Hoggs Hollow dates back between 1920 and 1960, with many charming houses built to reflect the look and feel of English countryside. This traditional housing was built in various architectural styles such as Colonial Tudor Georgian and English Cottage, giving the area quite the classic appearance.
York Mills is an area in Toronto called Millionaire Mile because it contains the five wealthiest neighbourhoods. The average household net worth is $21.55 million. This is understandable because the average house price in the region is $3.4 Million. It’s a hefty fee and you get a property that makes this neighbourhood attractive to so many rich residents.
Interesting features of York Mills include Don Valley Golf Course, George S. Pratt House, Miller Tavern, St.John’s Anglican Church, William and Elizabeth Harrison House, Windfields Park, and York Mills Shopping Centre.
The Upper Canada College
In Toronto, Ontario, Upper Canada College (UCC) is a private day and boarding school for males that follows the International Baccalaureate curriculum. The college has produced many illustrious graduates and is frequently referred to be the most elite preparatory school in the nation.
With 1,200 students and a low acceptance rate of 15% in 2019, UCC is a very selective institution. The institution maintains a generous financial aid programme, providing more than $5 million annually to Canadian nationals, and draws some of the best and brightest students from all over the world.
Accordingly, places with quick access and proximity to UCC often go for elevated prices. This is particularly true of the Forest Hill area where the school itself is situated.