Although it may not be the capital, Toronto, Ontario is Canada’s most populated city, with over 2.7 million people. Covering an area of 630 sq./km, the city has a 46-kilometre long waterfront shoreline and sits on the northwest shore of Lake Ontario. Toronto enjoys a humid continental climate and distinctive seasons, and experiences fairly cold winters and hot, humid summers. Due to the passing of water systems and its positioning close to Lake Ontario, the weather is unpredictable and snow is a frequent occurrence in winter.
As an international metropolis for business, arts, culture, and finance, Toronto is an extremely desirable city for residents, immigrants, and visitors. The city is known for its striking skyline, cosmopolitan vibe, strong economy, and bustling atmosphere, as well as a number of cultural hotpots and attractions. The city has a large variety of green spaces and city squares, and has a bustling performing arts scene with over fifty ballet companies and a very strong film and television industry. Key attractions include the Toronto Zoo, the Art Gallery of Ontario, and the Eaton Centre. Its major league sports include hockey, basketball, baseball, football, and soccer.
The city is very multicultural, and celebrates its diverse population and the heritage of its residents. No single culture or nationality dominates its population; rather it’s a melting pot of different heritages – in fact, it’s thought that over half its resident population was born outside of Canada, with over 140 spoken languages in the city.
Popular areas in Toronto include: High Park, East York, North York, Old Toronto, Scarborough, Etobicoke, and York.
Toronto boasts a strong and growing real estate market. A lack of inventory, especially for single-family homes, is driving a price increase which is making it more of a seller’s market. Many buyers are moving towards suburban areas due to Toronto’s price growth, and research suggests that semi-detached or detached homes will continue to be in hot demand.
Toronto is comprised of a number of neighbourhoods in the city and the suburbs, each of which expresses a distinctive character. Property consists of everything from condos in high-rise buildings in the downtown core, to Victorian and Edwardian-style buildings in residential areas such as The Annex, Yorkville, and Rosedale, to small, single-family post-war homes.
Toronto has a booming luxury real estate market, especially for detached homes. The term “luxury” can be interpreted differently, but in a hub like Toronto it generally refers to properties priced $2 million upwards. The luxury housing market has experienced solid and consistent growth in recent years, with detached homes noting a boost of 89% in 2016 compared to the year prior. While luxury condos haven’t seen as much of an increase – 26% in 2016 – the market is still very hot. Condos account for a small segment of the luxury market priced over $2 million, whereas detached single-family homes are much more in demand.
The rise in Toronto’s luxury real estate market can be attributed to a price increase across the board, as well as low inventory and high demand, particularly for single-family homes. The luxury housing market demand is driven primarily by local move-up buyers, followed by foreign buyers. The high demand for luxury properties in the Greater Toronto Area has led to a spill over effect in other areas – similar to the situation in Vancouver – and more suburban areas, such as Oakville, are seeing luxury property prices increase. The city is made up of nearly 250 neighbourhoods (some not officially recognized, but still prominent), with affluent areas including The Annex, Summerhill, Yorkville, and Deer Park. The city’s mansions generally lie northeast of Downtown, with C12 being one of, if not the most, expensive neighbourhood in the Greater Toronto Area.