Canada's Condominium Magazine
It might be reasonable to define a wealthy neighbourhood as one in which the people who live there earn and have a lot of money and live in expensive homes. That definition is more or less true, but there are some odd anomalies, at least in Toronto’s wealthy neighbourhoods. For example, in Canada’s third wealthiest neighbourhood, as ranked by Canadian Business, the average household net worth is listed as $19,729,093, the average house price is $2,262,694, but the average annual household income is given as just $289,434. That is the Bridle Path neighbourhood of Toronto.
The wealthiest neighbourhood in Toronto, and in all of Canada, is Sunnybrook. Here the average household is worth $22,709,428, the average house price is $3,420,955, and average household income is $1,101,171. These statistics, interesting as they are on their own, do raise one intriguing question: how is it that Bridle Path residents earn so little, just one-fourth, compared to Sunnybrook residents? It’s a question that must remain unanswered for now.
Completing the top three neighbourhoods in the country by wealth is Toronto’s York Mills-Windfields, which ranks in second place. Households here are worth on average $20,944,385 and have annual income of $869,581. The average house in this neighbourhood, named in part after the famous E.P. Taylor’s Windfields horse farm, is valued at $2,262,694.
Each of these three wealthy neighbourhoods forms a section of the larger area roughly bounded by York Mills Road, Don Mills Road, Lawrence Avenue and Yonge Street. The area includes a couple of other nice neighbourhoods with names familiar to Torontonians, including Hoggs Hollow and Lawrence Park. This means that many of Canada’s wealthiest citizens live in a single political riding, Don Valley West.
A little further south and west takes us to Forest Hill, which is split into north and south sectors for this list of twenty-five wealthiest neighbourhoods. The north sector of Forest Hill boasts the highest-earning residents in Ontario, and third-highest nationwide: average income, $1.225,267. Their average household has a net worth of $11,671,220, and houses are worth on average $2,847,744.
A few blocks south, Forest Hill South surrounds the leafy enclave of Upper Canada College. Net worth here is virtually the same as in the northern sector: $11,530,848. Average home prices, however, are higher: $3,478,893. These are the most expensive homes in the entire country, and the proximity to Upper Canada College no doubt has much to do with this. Canadian Business points out that six lieutenant-governors and three premiers of Ontario attended UCC, a school with high prestige and long history. It was founded in 1829.
Once again, though, household income in this neighbourhood is significantly lower than one might expect, about half of what we find in North Forest Hill: $635,051. Why is that? It would be interesting to know, but we don’t. (It would be interesting to know the source of Canadian Business‘s statistics, but they don’t say.)
So, five of the ten wealthiest neighbourhoods in the country, including the top three, are right here in Toronto.