After the extraordinary growth of Toronto real estate market prices, this city has become one of the most expensive cities in the world. With significant increase in home sell and rent prices in the last few years, Toronto is now in competition with large cities like New York City, Hong Kong and Singapore.
Cost of living in Toronto is higher than average and maybe some people cannot afford living in Toronto. However, Toronto is a very diverse city with some high end neighborhoods. There are different luxury and affordable neighborhoods in Toronto. If you are fascinated by knowing some of the most expensive neighborhoods in Toronto, keep reading!
Here is the list of these affluent neighborhoods of Toronto in 2024 (this list has no special order based on most or least expensive areas).
Rosedale with its beautiful streets lined with trees and marvelous architectural style houses is located close to the center of Toronto. The Rosedale neighborhood has a charming community resulting from its stunning history. The twisting isolated streets of Rosedale gave this neighborhood more feeling of privacy.
In Rosedale, you can find a beautiful combination of old heritage houses and modern new-looking condos settled among splendid parks and green spaces. Some of them include Moore Park, the Vale of Avoca, Park Drive and Rosedale Valley ravines. It was known for a long time as Toronto’s most fashionable neighborhood. Some of the wealthiest and most prominent residents of Toronto are living in Rosedale.
Families with children enjoy living in Rosedale’s beautiful Georgian, Tudor, Edwardian and Victorian style homes with the excellent parks and upscale schools and restaurants. There are top-ranked public schools and private schools (like Branksome Hall). Rosedale also has good access to public transit, shopping centers and green spaces. The unique view of ravines of Rosedale sometimes makes you forget that you are living in such a large city.
You can buy a beautiful single family detached house in Rosedale with an approximate price of $7.950.000 which has 7 bedrooms and 5 bathrooms.
Read More: Rosedale Neighbourhood
The Bridle Path
The Bridle Path, which is also known as “Billionaire’s Row,” is certainly one of the most fancy and expensive neighborhoods in Toronto. This wealthy neighborhood is filled with wonderful parks and splendid million dollar mansions surrounded by the Don River Valley. Some of these impressive mansions are established on six acre lots featured by modern built-in security systems.
The Bridle Path has an efficient healthcare system, excellent public and private schools located in Bayview Avenue, and upscale shopping centers including the York Mills Shopping Plaza. The residents of Bridle Path can enjoy walking through the beautiful Edwards Gardens. This Botanical Garden contains rockeries, ponds and perennial gardens. It is known as one of Canada’s finest public gardening resource centers.
Houses of Bridle Path date back to the 1930’s, 1950’s and 1960’s, so you can find an eclectic combination of architectural styles. These uniquely designed houses mostly have Georgian, Colonial, Tudor, Neo Gothic, and modern styles. Most of these houses have luxury features like gazebos, tennis courts, pools and waterfalls.
There are also luxury condos with personal elevators and ravine views. The average house price in Bridle Path is $8 million. The average annual income of residents of Bridle Path is at least $1.4 million per year. Certainly, the quality of life in such a neighborhood is worth the cost.
With a price tag of $32,000,000 you can buy an extra luxury house in this neighborhood with an approximate 87,127 square feet lot and 9 bedrooms and 13 bathrooms, private tennis court and pool.
Forest Hill (South)
Forest Hill neighborhood is known as one of Toronto’s most prestigious areas. Forest Hills has upscale elegant houses with perfectly designed lawns. Some of the best schools of Toronto are located in this neighborhood. Upper Canada College and Bishop Strachan School are among the best private schools of Canada.
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The residents of Forest Hill are mostly well-known celebrities, doctors, entrepreneurs, and lawyers. These splendid old houses date back to the 1920’s and 1930’s with a tree planted at the front of each house located in quiet streets. At the west side of Spadina Road., there are also some luxury condo complexes in the neighborhood.
In Forest Hill, you always have access to the best of everything, best schools, wonderful restaurants and different amenities. So, although the price of the houses in this area is very high, it is certainly worth paying more and receiving the better quality of everything. The average price of houses in Forest Hill is more than $3.2 million.
A $18,000,000 can get you a luxury house in the Forest Hill South area with a marvelous garden, 7 bedrooms and 11 bathrooms. It also may have significant features like an indoor pool, a pool table and a private bar, and rooms perfectly decorated by stunning chandeliers and wooden and golden elements.
Lawrence Park neighborhood is known as one of Toronto’s most exclusive residential areas. It has a quiet and peaceful environment full of twisting roads and rolling hills. Lawrence Park has highly ranked schools, excellent shops and amenities with minimum traffic on residential streets. The residents also have good access to the subway and highway.
The amazing houses in this healthy and wealthy neighborhood mostly date back to the 1910’s to the late 1940’s. You can find various architectural style houses in Lawrence Park, including Georgian, English Cottage, Tudor and Colonial designs. Most of these charming old houses with wood trims and decorative fireplace mantels have been renovated to save their classic glory. There are also some newly built houses with modern architecture in the neighborhood.
Lawrence Park is a family-centric neighborhood with excellent gardens, parks, and different clubs that are organized at the local church. It is also known as an uptown shopping destination which is the home of different cultures, foods, festivals and hobbies along Yonge St. Lawrence Park is one of the safest neighborhoods in Toronto with a beautiful landscape of well-kept lawns and beautiful gardens.
These stunning renovated classic mansions with charming communities are located so close to Downtown Toronto. Most of the residents of Lawrence Park are high income professionals and well-educated people. In the Lawrence Park neighborhood, the house prices range between $3 million and $4 million.
Approximate price of a newly built single family free-hold house with 5 bedrooms and 7 bathrooms in the Lawrence Park neighborhood is around $7,000,000.
Yorkville neighborhood is a lively elegant neighborhood which is mostly famous for the wonderful combination of houses and condos, boutiques and restaurants, and its well-known hotels. Yorkville has easy access to Downtown Toronto by buses and subway. The quiet streets of Yorkville are a mixture of Victorian houses, luxury condos, five star hotels, gourmet restaurants and commercial towers.
Cumberland Street is the commercial heart of the Yorkville neighborhood. Also, Bloor-Yorkville is known as the most prominent and iconic shopping district in Canada, which is full of art galleries, jewelry stores and antique shops. This is why Yorkville absorbs so many tourists and Torontonians as a lovely destination.
The beautiful Victorian houses of Yorkville date back to 1870 and 1895. Most of these houses were registered on the Toronto Historical Board’s Inventory of Heritage Properties. The main features of these historical houses include ornamental brick patterns and rich gardens. This cosmopolitan neighbourhood is also the home of more than 700 world-class designer boutiques, restaurants, hotels, and galleries.
The average house price in the Yorkville neighborhood is at least $3.5 million. A $14,000,000 can get you an exclusive luxury condo residence at 118 Yorkville Ave with 4 bedrooms, 5 bathrooms, a private elevator and a gorgeous view. This stunning building has a combination of classical renaissance and modern design.
Read More : Most Expensive Condos in Toronto
Hogg’s Hollow neighborhood with its elegant community is located near the Don River Valley, a few minutes drive from downtown Toronto. Its picturesque quiet environment has crescent streets lined with a row of grand pine, maple, birch, spruce and willow Trees. There is an old stone bridge over the Don River in the middle of Hogg’s Hollow which is a set of four separate highway bridges.
The charming houses of Hogg’s Hollow neighborhood date back to the 1920s through the 1960s. These traditional looking houses are designed by different architectural styles, including Colonial, Tudor, Georgian and the English Cottage big houses with classic looks. In the Yonge Street hill area, you can also find luxury condominium townhouses.
The residents have easy access to all services and shops in the York Mills Centre, including retail shops, medical offices, basic household services and a food court. There is also a famous Loblaws Superstore with the cedar shingled roof in the neighborhood with a garden center and a takeout restaurant. Don Valley is a most prestigious municipal Golf course which is a perfect destination for professional golfers.
Hogg’s Hollow is known as one of Toronto’s most expensive neighborhoods with the average house price of $4 million. A stunning 2 story single family freehold brick and stone house with 5 bedrooms, 5 bathrooms, game room and steam bath in this neighbourhood can go around $6,200,000.
Read More:Most Expensive Restaurants in Toronto
Oakville is a Toronto suburb area with marvelous harbor views along Lake Ontario. Picturesque streets of Oakville attract millions of tourists and visitors each year. Visitors and residents can enjoy the world-class restaurants, boutiques, many outdoor activities such as boating, fishing, bird-watching, and biking.
Oakville has excellent health centers, galleries, beautiful parks and wonderful beaches. This neighborhood has a number of best private schools. The waterfront houses of Oakville are the finest in the GTA. It is known as a wealthy and safe neighborhood with top-rated schools and interesting amenities. Oakville’s downtown is also known as a significant art and cultural district.
You should know that Canada’s most expensive listed home was located in Oakville. This spectacular English country-style castle is worth $59 million. Everything is perfectly designed in this huge mansion, from eye-catching chandeliers to European-influenced fireplace mantels. It more feels like living in a luxury hotel.
Read More : Best Hotels in Toronto
York Mills is definitely one of the most expensive neighborhoods in Toronto, filled with modern Toronto condos and luxury offices.
The main paths in this area include Yonge Street and Bayview Avenue. One of the reasons that York Mills is so expensive is its tranquility and natural beauty.
When it comes to Toronto lifestyle and shopping, one of the neighbourhood’s icons is York Mills Plaza, located at the intersection of Bayview Avenue and York Mills Road. In fact, it is one of the most popular outdoor plazas in Canada.
However, York Mills is famous for its high-end houses. The styles of houses in this area are different, such as English Cottage style houses, modern designs, and Tudor-inspired designs. However, ranch-style bungalows and split-level houses can also be found in this wealthy neighbourhood. Nevertheless, such homes are being replaced by new-costume buildings. Besides, a number of high-end condominiums will catch your eyes in York Mills.
When it comes to the area’s richness, it is interesting to know that the average household net worth is $21.55 million. Also, the average annual income in York Mills is about $1,212,275 million. Besides, potential buyers of real estate in this neighbourhood should expect to pay about $3.40 million on average here.
Casa Loma, Toronto Neighbourhood
Casa Loma is one of the most expensive neighbourhoods in Toronto. This Toronto area looks to be a forest with the homes that you can only find in movies and storybooks.
This area has been famous since 1911 and became one of the priciest communities in Toronto. The reasons are exclusive homes and properties, as well as its proximity to areas like the Financial and Entertainment District.
But, the beauty of the natural landscape in this area is also notable. The important point is that renting in this area is not too expensive compared to downtown prices.
Selling prices, on the other hand, are notably high! Casa Loma Neighbourhood is the home to high-income and wealthy families.
This area is not very suitable for those who prefer the hustle and bustle of the city since Casa Loma is very quiet.
St. Andrew-Windfields is the home to a large group of affluent Torontonians in large and modern homes and condos. This Toronto neighbourhood is one of the most expensive ones for sure!
The modern homes are also surrounded by large green spaces, making this Toronto area lovely and beautiful.
The area is great for families with children due to the tranquility and beauty of the area. Besides, St. Andrew-Windfields offers eight public schools, four catholic schools, and six private schools.
As for transportation, you can have easy access to Highway 401 and York Mills TTC. As for green spaces, the area offers ten parks and recreation centres.
Toronto, a city known for its diverse neighborhoods, is home to some of the most exclusive and affluent areas in Canada. Among these enclaves of luxury, Hoggs Hollow stands out as one of the most expensive and richest neighborhoods in Toronto. Renowned for its opulent residences, lush landscapes, and a rich history, Hoggs Hollow has become synonymous with prestige and affluence.
A Haven of Opulence:
Situated in the northern reaches of Toronto, Hoggs Hollow is a haven of opulence that attracts those seeking the epitome of luxury living. Characterized by sprawling estates, grand mansions, and meticulously landscaped grounds, this neighborhood has earned its place among the most expensive and richest areas in Toronto. The architectural elegance and exclusivity of Hoggs Hollow contribute to its allure as a coveted address.
The Epitome of Luxury Real Estate:
Hoggs Hollow boasts an exclusive real estate market, featuring some of the most coveted and high-priced properties in Toronto. The residences within this neighborhood often showcase unparalleled craftsmanship, exquisite design, and a wealth of amenities. The demand for these luxurious homes has solidified Hoggs Hollow’s reputation as one of the richest and most expensive neighborhoods in the city.
Exclusive Lifestyle and Amenities:
Residents of Hoggs Hollow indulge in an exclusive lifestyle, surrounded by elite amenities that cater to their discerning tastes. Fine dining establishments, upscale boutiques, and cultural venues are within easy reach, providing a lifestyle of convenience and sophistication. The neighborhood’s proximity to Toronto’s financial district further enhances its appeal, making it a prime choice for those who value both seclusion and access to urban amenities.
Natural Beauty and Tranquil Living:
Beyond its lavish residences, Hoggs Hollow is embraced by the natural beauty of the Don River Valley. The neighborhood’s proximity to lush green spaces, ravines, and walking trails provides a serene escape from the city’s hustle and bustle. This blend of tranquility and luxury distinguishes Hoggs Hollow as a rich neighborhood that offers a harmonious balance between urban sophistication and natural splendor.
Historical Significance and Prestige:
Hoggs Hollow carries a rich history that adds to its prestige. Named after Joseph Hogg, a Scottish mill owner who settled in the area in the 19th century, the neighborhood has evolved into a symbol of affluence. The preservation of its historical character, combined with its opulent residences, reinforces Hoggs Hollow’s standing as one of the richest and most expensive neighborhoods in Toronto.
Hoggs Hollow stands as a jewel among the richest neighborhoods in Toronto, embodying the essence of luxury living. With its grand estates, exclusive amenities, natural beauty, and historical significance, this enclave continues to attract those who seek the finest in affluent living. As one of the most expensive neighborhoods in the city, Hoggs Hollow remains a testament to Toronto’s status as a global hub of luxury and sophistication.
Here as a Toronto real estate agent, I should remind you of an important issue. Remember! The residents of these luxury neighborhoods with huge mansions and excellent greenspace usually pay the highest taxes in Canada. Yes, having easy access to luxury amenities and high quality of life will cost you more than just the house price.