The luxury home market in Toronto continues to grow as more people are searching out Toronto's high-end neighbourhoods for a place to call their own. With the strength of the Toronto real estate market, more homes have moved into the luxury home category, being valued at over $1 million. More developers and renovators are also seeking to capitalize on the increased demand by building new or doing upscale renovations. These homes provide a great place to raise a family and are large enough to accommodate them for decades. With the increased demand, new neighbourhoods have seen luxury homes appear in their vicinity, but while other areas continue to grow, three of the main hubs for luxury homes in Toronto are:
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Moore Park
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Rosedale
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Lawrence Park
Moore Park
Moore Park is a very naturalistic part of the city. Surrounded by Moore Park, Park Drive, Mt. Pleasant Cemetery and the Vale of Avoca, the area is incredibly beautiful all year round. The luxuriously large homes in the area were developed between 1900s and 1930s and were typically built in the styles of Georgian, English Cottage and Tudor. The very generous sized lots often back onto one of the three ravines that surround it, while the fronts feature wide streets and ample parking. Nearby shopping, great schools and its proximity to the Don Valley Parkway make the Moore Park neighbourhood one of the most highly desired. With prices at an average of $1.3 million in 2010, the demand for Moore Park's luxury homes continues to climb.
Rosedale
Situated directly below Moore Park, Rosedale has held the distinction of being Toronto's most fashionable and luxurious neighbourhood for more than a century. Many of Toronto's most known, wealthy and prominent citizens have or currently reside here. Developed between the 1860s and 1930s, Rosedale's homes are very large and are typically built in Tudor, Victorian, Georgian and Edwardian styles. Rosedale, like Moore Park is neatly divided from the rest of the city by ravines and gorges as well as parks. Within walking distance to every kind of shopping or dining experience, Rosedale is truly one of the most in-demand luxury real estate areas in Toronto.
Lawrence Park
Lawrence Park is one of the wealthiest neighbourhoods in Canada. It retains its exclusive and upscale residents by being in very close proximity to several social clubs, many high-end boutique shops, plenty of fine dining, fantastic schools and acres of green spaces. These luxuries are coveted by the wealthy as they are great places to enjoy, raise families and retire in. The homes in Lawrence Park are set in the styles of English Cottage, Colonial, Tudor Revival and Georgian and were mostly built between 1910 and 1940. The homes sit far back on medium-sized lots and feature leaded glass windows, high ceilings, wood mouldings and beautiful hardwood floors. Average prices in the area exceed two million dollars.
Luxury Toronto homes can be found in several other neighbourhoods, but Moore Park, Rosedale and Lawrence Park continue to be the most affluent with average home prices exceeding one million dollars. These communities provide the kind of benefits and features that the wealthy seek within close proximity to the large stately homes on larger pieces of land.