Toronto is a diverse and vibrant city that offers a luxurious lifestyle in many of its districts. Whether you prefer to be close to the bustling downtown or more of a suburban feel, there are plenty of options to choose from when money is not an issue. If you’re ready to invest in one of the homes for sale in Toronto’s top luxury neighbourhoods, keep reading this blog post. We will explore some of the best and most popular upscale areas in Toronto and what they have to offer.
Toronto Real Estate Luxury Market
Toronto has one of the most competitive housing markets in Canada and has seen an unprecedented and sustained demand for luxury properties over the years. According to the Toronto Sun, the sales of condos, attached, and single-family homes with prices over $4,000,000 skyrocketed a staggering 276% year after year. Of 414 properties sold in the first half of 2021, 15 were acquired for more than $10,000,000.
Homebuyers of top-end houses and condos in Toronto started to prioritize home and space after COVID-19 hit, using their extra savings to invest more in real estate. That, plus low-interest mortgage rates, and an under-supply of properties, created the triple-digit growth in the luxury market. The good news is luxury real estate continues to be a good investment in the area due to high appreciation.
Top Luxury Neighbourhoods In Toronto
Toronto’s most sophisticated and dynamic neighbourhood, Yorkville, offers affluent homebuyers an eclectic mix of luxury condominium apartment buildings and opulent mansions. The district encompasses commercial office towers, five-star hotels, chic restaurants, flagship fashion boutiques, movie theatres, art galleries, and museums. It also provides world-class amenities and community services for an elegant lifestyle.
Yorkville’s commercial heart is located at Bloor St., Yorkville Ave., and Cumberland St., with plenty of deluxe condo residences known for their higher-than-average living features and great city views including Renaissance Plaza, Hazelton Hotel, The Four Seasons Residences, and The Prince Arthur Tower. There are also several pre-construction developments coming to the neighbourhood.
Further from the commercial segment, Yorkville’s residential area boasts unique detached homes and mansions, many of them Victorian-style, offering a taste of true Toronto heritage and culture. The neighbourhood is a prestigious address to have in Toronto and has become a paradise for domestic and foreign investors who frequently include Yorkville in their real estate portfolios.
Median Detached House Price: Over $3,000,000
Filled with natural beauty, well-maintained lots and historic heritage houses, Rosedale is the place Toronto’s wealthiest and most notable citizens call home. The neighbourhood, known for its intricate routes, low traffic, and abundant tree foliage, is one of the oldest suburbs in the GTA, and it’s situated just a few minutes north of the city’s financial core.
Rosedale is mostly made up of single-family homes and a healthy mix of detached and semi-detached houses, many of them at least a century old. Victorian, Tudor, Georgian, and Edwardian styles prevail as the favourite dwelling styles in this area. If you are more of an apartment person, there are a few great condos for sale in the area, mainly on Dale St. The majority of the condominium buildings were built in the 40s.
Rosedale is famous for its extensive parks, scenic trails, and top-notch amenities such as gourmet restaurants, exclusive retailers, prime grocery stores, and high-ranked schools, including Branksome Hall International Baccalaureate World School. For those and many other reasons, Rosedale exerts an undeniable attraction to families with children.
Median Detached House Price: $3,300,000.
Forest Hills is a prestigious community located northwest of Yorkville in Midtown Toronto and has many prominent people among its residents. Incorporated as a village in 1923 and later annexed to the City of Toronto in the 60s, Forest Hill’s distinction never ceased to grow. The neighbourhood is considered a traditional housing spot for Toronto’s elite up to this day.
Forest Hill is divided into Forest Hill North and Forest Hill South. The latter offers wealthy home buyers neo-traditional brick and stone mansions along with charming tree-lined streets. Most of Forest Hill South dwellings date back to the 1920s and 30s, but the northern side has homes built in the 40s and 50s that are slightly more modest than their southern counterparts. However, lot sizes are comparable in both places.
Forest Hill is also a destination for luxury condo developments. Most of them are located west of Spadina Rd. on Lonsdale Rd., and Heath St. Forest Hill is home to some of the top private schools in Canada, including Upper Canada College and The Bishop Strachan School.
The Forest Hill Shopping District is situated in the neighbourhood’s core, giving small-town vibes more than big city. The private enclave of charming local stores and businesses caters to the needs of Forest Hill affluent residents, and it’s centred around the intersection of Spadina Rd. and Lonsdale Rd.
Median Detached House Price: $3,500,000
Houses in Hoggs Hollow sit on generous lots, some of which are backed to the river or the beautiful Jolly Miller Park grounds. The neighbourhood, located one block north of Florence Park, provides residents with a picturesque and serene environment filled with greenery, plenty of cul-de-sacs, and charming trails.
Houses for sale in Hoggs Hollow are mostly Victorian-style, but there are also plenty of Colonial, Tudor, and Cottage-style housing options. Homebuyers eager to call this neighbourhood their home will be accessing a fancy living style in a well-organized and active community. Becoming a Hogg Hollow resident means taking part in many parties and events and gaining exclusive memberships to various clubs.
Neighbours value the quietness and privacy of the surroundings, taking advantage of the area’s limited traffic to practice outdoor activities such as jogging, biking, and walking. Hogg Hollow is home to many families that enjoy its green spaces, vast lots, and laid-back lifestyle at a fair distance from Toronto’s Downtown.
Median Detached House Price: $4,000,000
The Bridle Path
Commonly referred to as “Millionaires Row”, The Bridle Path is home to some of the biggest and epitomized Toronto luxury real estate. Many engineers, lawyers, doctors, business people, and celebrities like Celine Dion, Prince or Drake have set residence in the upscale neighbourhood.
The Bridle Path is only 30 minutes away from Downtown Toronto, and it’s surrounded by lush parklands and the Don River Valley. Being passed through only by four streets: Post Rd., High Point Rd., Bridle Path Rd., and Park Lane Cr., gives the area an additional feel of exclusivity and secludedness. This exclusive location has a rich history and unique design, with a real estate stock of multi-million dollar mansions and two to four-acre lots.
Resident’s shop, play and educate their children along Bayview Ave. The York Mills Shopping Plaza, Posh Toronto Granite Club, and the Toronto Botanical Garden are landmarks here. As for schools, Crescent School and The Toronto French School are the best options. Additionally, The Bridle Path is home to a 9-kilometre scenic walking trail.
Median Detached House Price: $4,200,00