Yorkville is a one of a kind, upscale neighbourhood in midtown Toronto. Its name is synonymous with the luxe existence. It is diverse, comprising of many office spaces, professional services, residential areas and multiple boutique shopping options. It is belted by Dupont Road to the north, Yonge Street to the east, Bloor Street to the south and Bedford Road to the west.
It is certainly one of Toronto's most compelling neighbourhoods. Anchored by the intersections of Yonge and Bloor, as well as Bay and Bloor, it is an eclectic mix of commercial office towers, luxurious condominium buildings, five-star hotels, gourmet restaurants, theatres, prestigious shopping centres, and picturesque Victorian homes. The neighbourhood is an ever rapid developing community, with the constant addition of newly built condominiums. It’s home to a number of Toronto’s most expensive condos units, most starting at over one million dollars and going well beyond.
The neighbourhood largely feature condos, accounting for 81% of sales, followed by semi-detached houses at 7%, and townhouses and detached houses at 4% each. Condo apartments are the most common trend, and the majority of properties have two bedrooms. The average price in Yorkville over the past year was $1,268,004, an increase of 1% over the same period last year. The average condo premium over the past year was $1,114,544, as compared to the average freehold price of $2,236,892 over the same period.
The economic soul of this neighbourhood can be seen throughout Cumberland Street, Scollard Street, Hazelton Avenue and Yorkville Avenue. The transition to a quiet residential pocket is gradual, as Victorian homes shift from retail to residential use in a seamless arrangement. The region is very well maintained, and with a large park inside of its core, it provides a lovely scene in a bustling core.
In the heart of the city it's easy to access the entire GTA. Public transit is at your fingertips with Bay and Bloor/Yonge Stations at your doorstep. Bloor/Yonge Station is especially convenient because it connects locals with both the Bloor/Danforth Line and the Yonge/University Line. The subway is the focal point of public transit, but there plenty of street level options as well. For motorists, the area has access to many arterial roadways including the Don Valley Parkway and by extension the Gardiner Expressway. It goes without saying that one of the perks to living in this affluent neighbourhood is its unequalled transit options.
With this neighbourhood's configuration being catered toward middle to upper-class citizens, it can afford to be more upscale. Its residents’ average income is $60,000. According to statistics, the population of the area is currently 29,180, and it is growing exponentially. 60% of the populace is comprised of single individuals among the ages of 20-44. Homeownership in the region is skewed towards tenancy at 64%, whereas 36% of homes are owned.
The neighbourhood is enduring a momentous redevelopment. It's rising to new heights and is getting ready to grow up - way up. Builders want to implement six new residential condo towers, five of which slated to be at least fifty storeys tall, into a four block radius. The One Bloor, adjacent to Holt Renfrew, will rise eighty-five floors, making it the tallest residential building in Canada.
In this neighbourhood, beauty and sophistication are fundamental. Shops and restaurants cater to wealth, and they meet the demand through luxurious brands. There are entrepreneurs, upscale designers, artists, young professionals, and often a celeb sighting or two. The area is extremely busy as it’s a famous destination for locals, tourists, and shoppers.
Various new condo structures have found homes in the vicinity, and they are supplying first time purchasers with opportunities to reside here. There is good news on the real estate front, you don’t have to spend a cool million to make this neighbourhood your new home, so you should make this vibrant, ultra chic hood your new place of residence.
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