Canada’s Toronto is a beautiful, always-changing city brimming with neighborhoods rich in character and prestige. Nestled in this fascinating patchwork of upscale neighborhoods are some of the most stunning luxury homes in Toronto. For the homebuyer that enjoys the finer thing in life, the city’s fast-growing, record-setting luxury housing market showcases an elite list of wealthy neighborhoods the 1% calls home.
When you talk about luxurious neighborhoods in Toronto, the city’s impressive selection of swanky neighborhoods makes awarding the best of the best of the city’s 140 neighborhoods a challenge. However, there are a few key factors that determine the ranking of neighborhoods around this city, including the median income, housing, health and environment, schools and employment, shopping and amenities, crime rate, transit, entertainment, diversity and community engagement.
Toronto’s Finest High-End Neighborhoods Steeped in Character
There are many residential communities in Toronto, each of them having their own distinct characteristics. For example, enclaves such as Yorkville, Rosedale, The Annex or Cabbagetown are best characterized through their residential buildings depicting Victorian and Edwardian-era architectural styles. Another of the neighborhoods, Whychwood Park, is known for the specific architecture of the homes, as well as for being one of the earliest planned communities of Toronto.
Casa Loma is a neighborhood in Toronto which is famous for its storybook castle from which the neighborhood got its name, and which contained secret passages, turrets, elevator, stables, gardens and even a bowling alley.
The Richest Neighborhoods in Toronto
Earlier this year, CanadianBusiness.com released its annual list of the 5 richest neighborhoods in Toronto, based on both average household income, average household net worth, and average house price. Here’s a rundown of the 5 richest neighborhoods in Toronto in 2014:
- Lawrence Park
Average Household Net Worth: $10.44 million
Average Annual Household Income: $906,266
Average House Price: $2.81 million
Key Facts: Home to Blue Jays president Paul Beeston and mayoral candidate John Tory
- Forest Hill South-UCC
Average Household Net Worth: $10.63 million
Average Annual Household Income: $629,972
Average House Price: $3.18 million
Key Facts: Home to 6 lieutenants-governor; boasts the finest education
Average Household Net Worth: $20.82 million
Average Annual Household Income: $311,979
Average House Price: $2.29 million
Key Facts: Former 200-acre estate of Joseph Kilgour, former President of the Canada Paper Company in 1909
- York Mills-Windfields
Average Household Net Worth: $21.55 million
Average Annual Household Income: $1,212,275
Average House Price: $3.40 million
Key Facts: Home to the most expensive houses in Canada
- The Bridle Path
Average Household Net Worth: $22.27 million
Average Annual Household Income: $936,137
Average House Price: $2.24 million
Key Facts: Often called “Millionaires’ Row,” Has been home to Moses Znaimer, Celine Dion, and Prince
Want to Live in the Lap of Luxury?
The demand for luxury homes in Toronto is at an all-time high. In fact, sales of homes over $1 million were up 34% in Toronto in the first 6 months of 2014, year over year. Record setting luxury home sales in Toronto have shown no sign of slowing down, and the demand for Toronto high-end real estate is expected to remain strong into 2015.
If you have dreams of living in the city’s finest neighborhoods, you may find there’s a shortage of homes that meet your lofty standards as luxury homes are getting snapped up fast. Remember, there are 140 remarkable neighborhoods in this city, including some of Canada’s wealthiest and most luxurious communities, and each of them is recognized for its own characteristics, giving you plenty of great options to choose from!