Toronto, the largest city in Canada, is a trendy, diverse city that millions of people call home. A continued uptick in immigration and an expanding technology sector are just two of the factors attracting workers and their families to the city. In turn, the need for housing in Toronto remains in high demand.
With that said, buyer confidence has remained solid and, depending on what you’re looking for, the city’s neighborhoods only continue to become more vibrant. Although there are many great neighborhoods to choose from in the GTA, let’s explore three of the best to buy real estate.
Yorkville is located north of Bloor Street and west of Yonge Street. The neighborhood offers one of Canada’s most exclusive shopping districts, in addition to upscale restaurants and luxury hotels. It also has offices for international companies like IBM and Twentieth Century Fox.
Living and investing in Yorkville’s prestigious neighborhood will likely yield high returns for anyone deciding to purchase property here. Many new developments are being planned in Yorkville, which, according to Paul Johnston of Unique Urban homes, was “once the city’s hippie-centric counter-cultural community, and is today the epicenter of monied luxury and the location of a growing range of condominium options.”
Luxury real estate developer Sam Mizrahi agrees, saying: “Downtown Toronto, hands-down. In any area in the Toronto core. Yorkville, Bloor, Rosedale, Forest Hill. Just because of the infill and the demand for product. Ultimately even with urban sprawl, it rebounds and comes back in, because of transportation issues outside the city. You see the highest margins there.”
Leaside is an affluent, green area known for its quality of life, high-ranking schools and convenience to downtown Toronto by access of The Bayview Extension. Leaside homes can be pricey – you will need to budget over $1.6 million for an average, detached home in sought after neighborhoods. A 2-bedroom townhouse will run you about $800,000 or more. A diverse section of Toronto, most of the current population is made up of wealthy, British immigrants while another one-tenth of Leaside’s population are of Southeast Asian and Chinese descent.
Downtown Toronto is also home to The Annex area. It borders the University of Toronto, and is well served by public transit, including four subway stations. Here, you will encounter plenty of nineteenth century Torontonian style homes that were once popular among the elite. A starter home in The Annex will cost about $1.2 million. This neighborhood boasts rich historical value and is a great area to call home.
If you are looking for a luxury lifestyle with high-end accomodations, Toronto has plenty to offer. With low crime rates, good schools and access to public transportation, it’s no wonder the city is one of the best places to live in North America.