In decades past, Rosedale was the destination neighbourhood for buyers wanting the best address. As time went on, The Bridle Path and Forest Hill were developed and high end buyers had more choice. In the 1960’s and 70’s, a growing appreciation for downtown living was behind the gentrification of The Annex, Yorkville, Cabbagetown, Summerhill, the South Hill district and Deer Park. Existing housing stock began getting treated to renewal efforts that continue to run the gamut from restorative work to tear-down and infill building. The appetite for in-town living cannot be sated by freehold housing alone. Condominium developments started springing up in the ‘70’s along with co-operative apartments. A large condominium apartment in a top location today is likely to cost well in excess of $1000 per square foot and demand is only intensifying.
The prices for in-town real estate have risen so dramatically over the last 10 years that many people are mistakenly thinking that only very wealthy can afford to live in Toronto. The reality is that single family detached houses on small lots that catered to middle class families 30 years ago and sold for $300,000, now sell to the same demographic for $1,300,000. Inflation has only changed the price tags; the buyers who continue to want to own their homes look very much like the buyers of yesteryear.
People are attracted to quality housing stock, access to services and a quick commute to work. Whether an area is established or emerging, any part of Toronto that provides these advantages will attract more Buyers than Sellers. From there, the laws of supply and demand decide which neighbourhoods will be numbered amongst the “Most Desirable.”