As Toronto is the second most expensive city to live in Canada, following only Vancouver, many people wonder why the city is so expensive. One of the main reasons is that Toronto is the most populated city in Canada with over 6 million people. As there are so many people, housing is in high demand, raising the prices. Thankfully the city has many wonderful neighbourhoods, but if you’re looking for the richest ones to visit or reside in, you’ve come to the right place! Keep reading to find out what 10 of the richest neighbourhoods in Toronto are.
1. York Mills-Windfields
York Mills is a neighbourhood that is part of what some Torontonians call the Millionaire’s Mile as it consists of five rich neighbourhoods. York Mills-Windfields is centred around Yonge Street and York Mills Road and is number one on our list as the average household net worth is a whopping $21.55 million and the annual income of a resident who lives in York Mills-Windfields is $1.2 million.
It’s definitely a good thing that these residents make so much money seeing as the average price of a home here is $3.4 million. While it is a hefty price, you will be getting an estate-style home which is what makes the neighbourhood desirable to so many rich residents. If an estate isn’t in your budget, you could join 30% of the neighbourhood in living in an apartment or condominium. An apartment or condominium can range anywhere from $350,000 to $2 million depending on the size.
As York Mills-Windfields is an older neighbourhood, it is well-established. This means that York Mills-Windfields has excellent schools and is also extremely safe, making it perfect for families. The beautiful greenery throughout the neighbourhood is one of its most distinguishable features. Thus, even driving through the neighbourhood is enjoyable as you can see trees and plants along the road.
2. The Bridle Path
The Bridle Path is another neighbourhood in the Millionaire’s Mile and was formerly known as North York. Bridle Path is located along the Don River Valley. one of the newer neighbourhoods in the Millionaire Mile as it only started being developed for affluent homes in the late 1930s as the need for affluent homes was growing.
Today, Bridle Path residents include celebrities, doctors, moguls, and engineers as they are the ones that can afford homes in this neighbourhood. The average household net worth is $22.7 million while the average household income is $936,137. If you are looking to buy an estate in Bridle Path, the good news is it is cheaper than York Mills-Windfields, unfortunately not by much. The average cost of an estate in the Bridle Path is $2.24 million.
Bridle Path is a great neighbourhood to live in as it is quite exclusive. There is little traffic which is why a lot of celebrities choose to live there, for privacy. It also has great landscapes thanks to its location along the Don River Valley. There are quaint parks and green spaces for residents to walk to and enjoy. Despite boasting a lower average home cost than York Mills-Windfields, Bridle Path is often considered the most affluent neighbourhood in Canada. This is likely due to having rich, often well-known residents living there.
Sunnybrook is connected to the previous neighbourhood we discussed, Bridle Path, but is not part of the Millionaire Mile. That does not mean that this is not as rich of a neighbourhood as the average price of an estate in Sunnybrook is $2.29 million. The average household net worth is also high at $20.82 million. Surprisingly, the average household income is much lower than the first two neighbourhoods despite a high cost of living at only $311,979. This may be because most of the people who live in Sunnybrook have been residents for decades when the housing market was not quite as high in Toronto.
Although residents have lived here for decades, it is not a rundown neighbourhood by any means. Homes are large with huge properties which are not common in Toronto. This is one of the main things that attract people to this neighbourhood as families with children and pets often want a large space to spend time in.
Another big reason people want to move to Sunnybrook is the neighbourhood is home to one of Canada’s largest hospitals: Sunnybrook Hospital. There are over 10,000 staff members at the hospital and a lot of the surgeons and doctors want to live in the surrounding neighbourhood.
4. Forest Hill
Another neighbourhood in the Millionaire Mile is Forrest Hill. Forrest Hill has an average household net worth of $10.63 million and an average estate cost of $3.18 million, but surprisingly only an average household income of $629,972. How can they afford to stay in Forest Hill with such a high cost of living? Likely because many residents have been around since the 1930s when wealthy Jewish immigrants started to move into the neighbourhood. Many of these families still reside in Forest Hill as the biggest cultural background, or 30% of the population, is Jewish.
The streets in Forest Hill are wide but designed to keep traffic to a minimum and moving slowly. In most parts of the city, this could be a bad thing, but in Forest Hill, it gives people time to enjoy the neighbourhood. There is plenty for those passing by to see as homes in Forest Hill are grandiose with beautiful landscaping and manicured lawns that driving through the neighbourhood feels like you’re in a movie.
Forest Hill has much to offer other than just beautiful scenery. It is a private suburb, but still well-connected to Downtown Toronto and ideally located just north of Casa Loma, Canada’s only real full-size castle. Forest Hill also has some of the best schools in the city: Upper Canada College and Bishop Strachan School, so there is something here for everybody.
5. Lawrence Park
Lawrence Park is another neighbourhood part of the Millionaire Mile and is known for being one of the first garden-planned suburbs in Toronto. Lawrence Park is not only one of the richest neighbourhoods in Canada now, it has been wealthy since at least the 20th century. Lawrence Park used to host Canada’s aristocratic population and continues to have many rich and famous residents to this day. Notably, Canada’s first female astronaut, Roberta Bondar, and athletes from Toronto’s popular sports teams the Blue Jays and the Maple Leafs have lived or live in Lawrence Park.
So, with so many famous people, what does it cost to live there? The average price of a home is $2.81 million, the average household net worth is $10.44 million and the average household income is $906,266. The high cost of a home in Lawrence Park is worth it though as there is a variety of home and mansion styles throughout the neighbourhood including English Tudor style homes and Georgian or Colonial homes.
Lawrence Park is in a great location as it is bordered by Yonge Street and Bayview Avenue so there are plenty of amenities such as restaurants, parks, and extensive shopping opportunities. As Lawrence Park was created as a garden community, there is still great greenery to enjoy in the parks and throughout the neighbourhood.
The last neighbourhood part of the Millionaire Mile is Rosedale. Rosedale was the former estate of William Botsford Jarvis in 1826 and was named after the wild roses that grew there. It is now one of the wealthiest and highest-priced neighbourhoods in Canada as the average cost of a house is $2.9 million but can cost up to $10 million. This is because many of the houses date back to the 1920s and have retained much of their natural beauty.
Rosedale is a highly sought-after neighbourhood to live in as it is ideally located between Bloor Street and Yonge Street just a subway ride away from Downtown Toronto. Despite being so close to the city’s heart, there are still great nature areas in Rosedale. The neighbourhood is actually surrounded by three ravines which not only look great but create boundaries to encourage low levels of traffic. Even when there are cars coming through, the extensive amount of trees and greenery block out any potential noise to keep residents at peace.
Even if you don’t live in Rosedale, it’s a great place to visit as the old architecture is a sight to see. Rosedale Park is another great area to visit and is the home of an annual carnival called Mayfair.
Summerhill is a smaller neighbourhood located next to Rosedale at St Claire Avenue and Yonge Street. This neighbourhood was also previously an estate of the same name that was built in 1842. One of the most popular aspects of Summerhill is the North Toronto railway station built in the 1880s. Summerhill quickly grew in popularity as it developed around the railway station. Today, the railway station still exists but has since been turned into an LCBO, a liquor and beer store. There have been talks to turn it back into a functioning train station with GO Transit which will likely bring Summer Hill’s property value up even higher.
Summerhill is one of the smallest neighbourhoods we’ve discussed, but there is still plenty to do. There are quaint streets perfect for a stroll to look at the beautiful homes. There are also great, local specialty shops that you can spend the day exploring. If you don’t live in Summerhill, it’s still a great neighbourhood to visit for a day out.
8. Lytton Park
Lytton Park is located within the original city limits of Toronto now called Old Toronto. It is bordered by Mona Drive, Yonge Street and Lawrence Avenue. The average price of a home in Lytton Park is $2.1 million and the average price of a condo is $752,239. Lytton Park is comprised mainly of semi-detached homes, condos and apartments, which is common for Toronto. As far as this list goes, it’s one of the more affordable neighbourhoods, making it popular among families.
The neighbourhood is centred around a 1.7-hectare park of the same name, so there is plenty of greenery around to enjoy. Lytton Park also features North Toronto Tennis Club and the North Toronto Lawn Bowling & Croquet Club perfect for residents and visitors to enjoy. It is also a smaller neighbourhood, so the community in Lytton Park is quite tight-knit. There are also great schools in Lytton Park if you’re hoping to raise children there. Notably, an all-girls private school named St. Clements and Lawrence Park high school. As Lytton Park is well-connected to the Downtown core, it is also a great neighbourhood for young professionals, so there is something for everyone in this neighbourhood.
Yorkville was originally a village founded in 1830 by an entrepreneur named Joseph Bloore. You may recognize the name as he is the person that Bloor Street in Toronto is named after. The neighbourhood has since expanded and is bordered by Bloor Street, Davenport Road, Yonge Street and Avenue Road. It is considered part of another affluent neighbourhood called The Annex. It is a great neighbourhood for young professionals as there are plenty of residential areas, but also office spaces and shopping options. One of Canada’s most exclusive shopping districts is actually located in Yorkville, the Mink Mile along Bloor Street. This is likely the reason Yorkville is one of the richest neighbourhoods in Toronto as the Mink Mile was in the top 30 most expensive streets in the world.
Yorkville’s cost of living is also high to match this as renting a home or apartment in Yorkville is 46% compared to the Toronto average as renting a 3-bedroom apartment will set you back $3,700 a month. The high cost of living is definitely worth it as the neighbourhood has plenty to offer other than just great shopping. There is a great variety of restaurants and bars for a nice night out, lots of greenery and parks to take a stroll in and great schools if you’re looking to start a family with children.
10. Hoggs Hollow
Last on our list is the posh neighbourhood Hoggs Hollow located in the Don River Valley on the intersection of Yonge Street and York Mills Road. Hoggs Hollow was named after the Hogg family who settled in the area in 1824 from Scotland. The neighbourhood was formerly made up of quicksand, swamps and bogs, so it was not very habitable. This meant that only a few houses could be built at the time, so what we know as Hoggs Hollow today wasn’t originally built until the 1920s. There were many new immigrants from the United Kingdom, so homes reflected the aesthetic of homes from the English countryside which can still be seen today.
The aesthetic of the homes in Hoggs Hollow is what draws in most residents. A lot of the historical homes still exist today, so they resemble Tudor, Georgian and colonial-style homes. These homes thus draw in residents who appreciate said architecture. Hoggs Hollow also has great nature and greenery as the Don River Valley is full of trees and walking trails for everyone to enjoy.
Jack is the senior editor at Photo Life and an avid tester of a wide variety of products. From Tech to Home & Garden, he’s tested and researched it. In his spare time, he loves to read, write, and dabble in photography.