Downtown Toronto Neighbourhood
Downtown Toronto was long known for its shopping and entertainment culture. In recent years, however, we've seen a vast number of high-rise condominium developments popping up on every street corner, many of which line Yonge Street or other major arteries.
The region is generally bound by Grosvenor and Alexander Streets to the north, portions of Church Street, Victoria Street, and Bond Street to the east, Richmond Street to the south and Bay Street to the west. It's an area easy to get around in and many residents choose to walk, cycle or take public transit when commuting to work.
A vibrant cosmopolitan hub, it's equally popular with executives, arts and culture enthusiasts, students and urban dwellers who thrive in high-energy environments.
Downtown Toronto is mostly comprised of condominium towers in terms of its housing, which account for 93% of sales, along with townhomes at 4% and other buildings at 2%. The majority of condos have one bedroom, but we are slowly starting to see an increase in two and three-bedroom units. The average cost of condos in Downtown Toronto over the past year was $542,989 as compared to the average freehold price of $1,295,200.
The area is popular with many residents, but single professionals are the largest demographic occupying the core. Families with kids in the area tend to have one child at home, with a large percentage of them being younger children.
Homeownership in the downtown core is low, with a split of 66% renting and 34% owning in this stretch of the city. The average household income for this neighbourhood is roughly $92,055.
You'll find a range of buildings styles here, including towers with art-deco features, converted factories, older high-rises buildings dating back to the 1950's, and newer luxury condominiums that feature 24/hour concierge service and sleek, contemporary architecture.
They range from entry level prices to more exclusive residences where units can sell for over a million.
With the amount of development that downtown Toronto has undergone within the last twenty years, the surroundings have rapidly changed. Toronto’s population has grown from two million individuals to six and a half million as of 2016. The neighbourhood has evolved into one of Toronto’s prime condominium markets, extremely in demand by young professionals.
Increasingly, we're seeing the downtown area becoming home to the luxury condominium market. Towers of glass, beauty, and prestige populate the neighbourhood, many of them in collaboration with luxury hotels or high-end brands.
It's not hard to see why so many people love it here. Life in downtown Toronto means being in the centre of a vibrant metropolis, where shopping, dining, commerce and some of the city's finest entertainment are all at your fingertips.
In fact, downtown is home to the Eaton Centre, which features over three hundred stores, as well as Yonge/Dundas Square, which has been called Toronto's version of Times Square. With its dynamic flashing billboards, it features live music and events all year round.
Residents can also get around using Toronto’s underground PATH retail concourse, an underground network that connects most of the downtown core and features over 1,000 shops and services. It's a lifesaver in the winter!
The area is served by public transit by means of College, Dundas, and Queen subway stations, as well as bus and streetcar routes that run along all three major arterial roadways. Motorists are mere minutes away from Lake Shore Boulevard and the Gardiner Expressway, allowing for easy exit or entry into the city.
There are also many green spaces with Allan Gardens being the largest public park in the downtown core. It is the home of the Allan Gardens Conservatory, a botanical garden with six greenhouses that feature unusual and exotic plants from around the world. Living in this pocket of the city is fun and easy because the possibilities and opportunities are truly endless.
This is also a busy hub for post-secondary education. The world-renowned Ryerson University can be found in the neighbourhood, along with George Brown College and OCAD University.
Down here you'll also find many of the city's top medical facilities. Toronto General Hospital, Mt. Sinai Hospital, and The Hospital for Sick Children are located close to each other, and they work together to be one of the best joint facilities in the country.
Living downtown is for folks who thrive in the epicentre of excitement and strive to be constantly moving forward. It’s a place where having your head in the clouds and feet firmly planted on the ground feels feasible. Although it may not be cheap, if a glamorous way of life is what you seek, this is the place for you.
Investing here means being part of a dynamic and growing neighbourhood that is highly in demand with a range of professionals. Come see what the centre of the city has to offer you.