The Most Expensive Real Estate in Toronto: A Neighbourhood Breakdown

Toronto is a city that seamlessly blends history, culture, and modernity, and nowhere is this more evident than in its most exclusive neighbourhoods. These are the areas where luxury reigns supreme, where mansions sit on sprawling estates, and high-rise condos offer panoramic views of the skyline. The city’s diverse population and thriving economy make it one of the most desirable places to live in Canada.

In 2024, the average home price in Toronto is approximately $1.165 million, already high compared to other cities in Canada. However, in certain elite neighbourhoods, this number is dwarfed by properties that routinely sell for $5 million, $10 million, or more. These neighbourhoods are home to Toronto’s wealthiest families, celebrities, and high-profile professionals. In this article, we’ll explore the most expensive areas in the city, what makes them unique, and the jaw-dropping price tags attached to their properties.

1. Bridle Path: Toronto’s Most Opulent Neighbourhood

When you think of luxury in Toronto, the Bridle Path is often the first neighbourhood that comes to mind. Nicknamed “Millionaire’s Row,” it’s home to sprawling mansions that sit on multi-acre lots, offering unmatched privacy and exclusivity. This neighbourhood is a haven for Toronto’s elite, with properties that include private tennis courts, indoor pools, and custom-built features.

• Average Home Price: Approximately $5.1 million.
• Most Expensive Sale: A $45 million estate, boasting over 20,000 square feet of living space, a 15-car garage, and a private helipad.

The Bridle Path has attracted notable residents, including Drake, who famously built a custom mansion with a basketball court and recording studio. It’s no wonder this area remains at the top of Toronto’s real estate hierarchy. The downside? Public transportation is sparse, and the cost of maintaining these massive properties is sky-high.

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2. Forest Hill South: Classic Elegance and Prestige

Forest Hill South is the definition of old-world charm. This neighbourhood is known for its stately homes, tree-lined streets, and top-tier schools. Families are drawn to Forest Hill because it offers both luxury and practicality, with some of the best educational institutions in the city, like Upper Canada College and Bishop Strachan School.

• Average Home Price: Around $4.45 million.
• Most Expensive Sale: A $22 million mansion, featuring custom interiors, a wine cellar, and expansive landscaped gardens.

What sets Forest Hill apart is its strict architectural guidelines, which ensure the homes here maintain a cohesive, timeless aesthetic. But the area isn’t just about appearances—it’s also conveniently located near downtown Toronto, making it ideal for professionals who want to balance work and family life.

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3. Rosedale-Moore Park: Historic Charm Meets Modern Appeal

Rosedale-Moore Park is one of Toronto’s oldest and wealthiest neighbourhoods. Its streets are winding and quiet, lined with century-old trees and heritage homes that exude charm. Rosedale’s parklands are among the most extensive in Toronto, offering residents a serene escape from the hustle and bustle of city life.

• Average Home Price: Approximately $3.97 million.
• Most Expensive Sale: A $17 million heritage estate, complete with original architectural details and modern upgrades.

Despite its historic charm, Rosedale is just minutes from downtown Toronto, making it a favourite among those who value both tranquility and convenience. However, the older homes here often require significant maintenance and renovation, which can add to the already steep price tag.

4. Casa Loma: Living in the Shadow of a Castle

The neighbourhood surrounding Casa Loma, Toronto’s iconic castle, offers a unique blend of history and modern luxury. It’s one of the few areas where you can find both historic homes and sleek, high-rise condos, making it appealing to a wide range of buyers.

• Average Home Price: About $3.56 million.
• Most Expensive Sale: A $12 million estate, featuring panoramic city views, a private gym, and a rooftop terrace.

Casa Loma’s location is a significant draw. Residents are close to cultural attractions, great dining options, and some of the city’s best schools. However, living near such a popular tourist destination does come with its downsides, including congestion and higher-than-average noise levels.

5. Lawrence Park: Suburban Serenity in the Heart of the City

As one of Toronto’s first planned suburbs, Lawrence Park was designed for tranquility. Its quiet streets and lush greenery make it feel worlds away from downtown, even though it’s only a short drive away. This neighbourhood is particularly popular with families who value space and community.

• Average Home Price: Around $2.86 million.
• Most Expensive Sale: A $9.5 million home, featuring a custom-designed kitchen, outdoor pool, and private theatre.

Lawrence Park is home to prestigious schools like Crescent School and Toronto French School, adding to its appeal. While the neighbourhood offers a peaceful environment, it does lack the nightlife and entertainment options of more central areas, which may be a drawback for younger residents.

6. The Annex: Where History Meets Vibrancy

The Annex is one of Toronto’s most eclectic neighbourhoods. Known for its mix of historic architecture and vibrant cultural scene, it attracts a diverse group of residents, from academics to young professionals. The presence of the University of Toronto gives the area a lively, youthful energy.

• Average Home Price: Approximately $2.89 million.
• Most Expensive Sale: A $10 million home, blending modern design with restored historic elements.

The Annex’s central location is one of its biggest advantages. Residents are within walking distance of some of Toronto’s best cafes, bookstores, and art galleries. However, the neighbourhood can be noisy, especially during the school year, and parking is notoriously difficult to find.

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The Future of Luxury Living in Toronto

Toronto’s luxury neighbourhoods aren’t just about high property values—they’re about offering a lifestyle that combines exclusivity, convenience, and sophistication. With average home prices in these areas ranging from $2.8 million to over $5 million, they represent the pinnacle of Toronto’s real estate market.

The highest sale prices—like the $45 million estate in the Bridle Path—showcase the growing demand for ultra-luxury properties, even as affordability remains a challenge for most Torontonians. These neighbourhoods continue to attract high-profile buyers, ensuring their place as the city’s most desirable places to live.

Whether it’s the grandeur of the Bridle Path, the charm of Rosedale, or the vibrancy of The Annex, Toronto’s most expensive neighbourhoods offer something unique for those who can afford it. These areas are more than just places to live—they’re a reflection of the city’s status as a global hub for business, culture, and innovation.