10 Wealthiest Neighborhoods in Canada
The Financial Word
Rich people in Canada have a variety of professions, ranging from political jobs to sports careers. Despite their differences in terms of personal and professional interests, the wealthy all seem to have one thing in common: their home locations. Canada’s wealthiest residents flock to large cities in Canada, including Vancouver, Montreal and Toronto, where they hide away among sprawling retreats and urban affluence. Using numbers including average income, house cost and net worth provided by Canadian Business Magazine, we compiled a list of the wealthiest neighborhoods Canada has to offer.
1) Sunnyside & Edgehill, Westmount, Montreal
Sunnyside and Edgehill are neighborhoods located within Canada’s 2nd most populated city, Montreal. The average annual income made by inhabitants is $503,935, and the average home price is $2.49 million. The average individual net worth of Sunnyside and Edgehill homeowners is the second wealthiest in Montreal and the home prices are the most expensive in the city. Massive stone homes reminiscent of English country manors sit on large wooded lots often set back upon rolling hills and terraced gardens.
When not working, 17.8% of residents enjoy their time downhill skiing at nearby Bromont, a mountain less than an hour outside of Montreal, or across the U.S. border at Jay Peak, a mountain in Vermont. Both locations are known for their excellent skiing, amenities, and affluent clientele. Sunnyside and Edgehill residents are both affluent and adventure-seekers, not afraid to hit the 4,000 foot mountains in their free time.
2) Lexington Avenue, Westmount, Montreal
One of the three Westmount neighborhoods on this list, Lexington Avenue, is notable for many reasons. First, it is home to St Joseph’s Oratory, a Catholic basilica famous for being the largest church in Canada. St Joseph’s is also known for offering one of the most breathtaking views of Montreal. Within the same area of the basilica, the neighborhood is also home to Greene Avenue, known for its upscale shops, fine dining restaurants, and antique stores.
Lexington Avenue residents enjoy the luxuries of an average annual household income just over $590,000 and home prices worth $1.8 million on average. Homes on Lexington Avenue exude luxury, known for being colossal stone structures sporting second and third floor stone balconies.
3) Lawrence Park North, Toronto
Lawrence Park is known for being one of Toronto’s first garden-planned communities. The small neighborhood is nestled among rolling hills integrated with several parks. Local residents enjoy amenities found at the nearby Yonge and Lawrence streets, famous for both their shopping opportunities and food. Residents also spend time at the exclusive Granite Club, a local recreation center.
In 2011, Lawrence Park was named the wealthiest neighborhood in Canada. The money flowing through Lawrence Park historically runs deep. Wealth for the area can be traced all the way back to the early 20th century when it was known for being Canada’s aristocratic neighborhood.
The annual household income for Lawrence Park North residents is $906,266, and home prices average $2.81 million. The neighborhood has a variety of home styles ranging from English Tudor style to Georgian and Colonial homes. Many of the residents in the area are current or former Toronto athletes from the Blue Jays and Maple Leafs, as well as high profile business leaders. The neighborhood even houses Canada’s first female astronaut, Roberta Bondar!
4) Kerrisdale, Vancouver
In 2011, New Jersey Monthly magazine named Ho-Ho-Kus Borough as the best town to live in in New Jersey. This is because of its low crime, excellent schools, proximity to high-profile urban areas (such as New York City), and of course its affluence. Residents of this borough have a surprisingly relaxed and quiet retreat as stunning early 20th century homes lay hidden among large wooded plots of land. With a small-town life, residents enjoy the best of both worlds as the proximity to shopping and the bustle of city life is only a short distance away.
The population of Ho-Ho-Kus is just under 5,000, with a median household income of $165,827 and average home values of $775,000. The borough has an exceptionally low poverty level, with the majority of its residents being considered upper class or middle upper class.
With its proximity to several urban areas, Ho-Ho-Kus is a popular area for finance and business leaders such as David Duffield who has founded numerous companies, notably PeopleSoft.
5) Forest Hill South & UCC, Toronto
Forest Hill South and UCC (Upper Canada College) are considered one of the most affluent neighborhoods in Toronto with an annual household income of $629,972 and average house prices at $3.18 million. Much like many other affluent neighborhoods, there is a link to a high percentage of married couples at 88%, as well as a focus on education and neighborhood amenities and a sense of community.
Historically, in the 1930’s, wealthy Jewish immigrants began moving into Forest Hill South. People of the Jewish faith now account for more than 30% of the population, double that of the next cultural background, Russians. Today, the area is popular with prominent business people, doctors, lawyers, and politicians. Many of the streets are wide and designed to keep traffic slow and at a minimum. This isn’t a necessarily bad thing, as passersby have the opportunity to see the distinguished and intricate landscaping of many of Forest Hill South’s larger and grander homes.
6) Summit Park, Westmount, Montreal
Much like neighboring Westmount neighborhoods Sunnyside and Edgehill, Summit Park residents enjoy downhill skiing almost as much as the picturesque views from their homes. About 17% of residents claim they are regular downhill skiers.
The Summit Park neighborhood is named after the 57-acre park and bird sanctuary that is situated atop Westmount’s highest peak. Views from Summit Park are some of the more spectacular views of the city, as the homes in this neighborhood look out over one of the city’s highest points. As Quebec’s richest neighborhood, Summit Park is also noted for having the largest percentage of drinkers of craft beer and is ranked as most likely to own a swimming pool.
Residents of Summit Park have an average annual household income of $906,659 with house prices averaging $2.4 million. Average net-worth for residents is around $11 million.
7) Shaughnessy Heights, Vancouver
Shaughnessy Heights is an almost entirely residential neighborhood in Vancouver. The annual household income is $777,184, with average home prices at $3.09 million. This neighborhood has beautiful historic homes, with more than half of the homes built prior to World War II.
The neighborhood was created in 1907 as an alternate affluent community to the West End, which at the time was the elite of Vancouver. With a population of only about 3,000, the town has growth policies that inhibit commercial development as well as property subdivision and multiple dwelling homes, and instead promotes large plots of land for single-family homes.
The neighborhood is home to the exclusive Shaughnessy Golf and Country Club, well positioned to provide the neighborhood the country club feel of the mid-century. This 18-hole championship golf course is a picturesque park-like and forested setting which has hosted numerous Canadian and Pacific Northwest championships, as well as the PGA Tour Bell Canadian Open.
8) Sunnybrook, Toronto
Sunnybrook had once been the estate of a well-known horseman named Joseph Kilgour, which also contributes to Sunnybrook’s’ residents love of horses and horse-riding, which is immediately present as you drive among stables and magnificently well-bred horses with pedigrees nearly as strong as their owners’. After Kilgour’s death, the land was donated to the city, and is now used as a riding school and a park for residents to hike, bike, play with their dogs, or go on picnics.
Sunnybrook is also home to one of Canada’s largest hospitals with a staff of over 10,000, which also is testament to the number of doctors and surgeons who live within Sunnybrook’s boundaries.
The average household income is $311,979, seemingly low for one of the wealthiest neighborhoods in Canada. However, the disparity in middle class to extreme wealth is apparent, as Sunnybrook also has an average household net worth over $20 million. In addition, the average house prices are $2.29 million.
9) York Mills-Windfields, Toronto
York Mills is part of millionaire’s mile which encompasses the nearby neighborhoods of Bridle Path, Forest Hill, Lawrence Park, and Rosedale. York Mills is a unique neighborhood in the idea that it has gone through what many would call a gentrification of the community. Essentially, through the process of tear-down and rebuild, the affluent coming into the neighborhood have pushed out the lower income and middle class by simply making York Mills too expensive to live in. While apartments and condominiums are home to nearly 30% of the residents, those residents pay high premiums with condos ranging from $350,000 to over $2-million.
With several palatial estates in York Mills it can boast the highest average house price in Canada at $3.4 million. Luckily for the residents, average household income is $1,212,275, giving them just enough to afford the estate-style homes that make York Mills one of the most desirable neighborhoods in Canada.
10) Bridle Path, Toronto
Bridle Path is the most affluent neighborhood in Canada, and situated along millionaire’s row with affluent neighbors York Mills and Lawrence Park, which also made this list. Formerly known as North York, Bridle Path is typically known for its multi-million dollar homes and large plot sizes that average two to three acres per residence. Bridle Path, a rather late-comer in the area, wasn’t developed for affluent homes until the late 1930’s and early 1940’s as the needs of the affluent began to expand in the area.
Bridle Path is home to some of Canada’s biggest media moguls, celebrities, doctors, and engineers. Its proximity to the Sunnybrook Health Centre can also explain the high number of health professionals who live in the area.
The average household income is $936,137 with house prices averaging $2.24 million. However, it is the average household net worth that is mind bogglingly incomprehensible at $22.2 million, which explains why Bridle Path is clearly at the top of this list.
http://www.thefinancialword.com/10-wealthiest-neighborhoods-canada/
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